Two in five 25-40 year olds don’t know cost of home insurance, and almost a third don’t know what it covers

15/09/15

Photos, jewellery and technology are most valued possessions at home.

New home insurance research carried out by KBC Bank shows that Irish consumers are a sentimental bunch at heart who count old photographs among their most valuable possessions at home. The research, published today, shows that almost three-quarters (71%) of Irish adults have home insurance, falling to just half (52%) of consumers in the 25-40 age group.

With consumers investing in home insurance for peace of mind to protect their property and contents, the research also reveals that not everyone is fully aware of what is covered by their policy or prepared to switch provider.

Among consumers with home insurance, 29% were unable to say off hand how much their policy costs them per year. This was most pronounced among those in the 25-40 age bracket with 37% admitting that they couldn’t recall the cost. Consumers in this age group (25-40 years) were also least informed about the extent of their home insurance cover, expressed worry about their level of cover and yet were least likely to shop around.  

Among Irish adults aged 25-40, almost a third (29%) had no idea what exactly their home insurance covers them for, and there was evidence of a gap in awareness levels between men (13%) and women (33%). Conversely, those aged 40+ were best informed with the overwhelming majority (91%) of respondents aware of what their home insurance covers.  

Over a quarter (26%) of 25-40 year olds also expressed worry about their level of home insurance cover, with female respondents (29%) most likely to worry. Notwithstanding this, one in four (25%) of 25-40 year olds admitted they were still unlikely to shop around for a better deal, compared to 83% of those aged 40+ who said they were in the habit of doing so.

Eddie Dillon, Director of Retail Products, KBC Bank Ireland, said, “At KBC we understand that consumers want peace of mind and that means shopping around for the right level of home insurance at the best price - so that if something does go wrong, it can be rectified. Our research shows that Irish consumers value their possessions, old and new, but could be better informed about their existing policies and provider. With great value home insurance, a host of features and competitive offers, we are confident that customers will feel right at home with KBC for all their needs, whatever the eventuality.”

KBC is offering 50% off KBC Home Insurance for 1 year for new residential mortgages drawn down by first time buyersmovers and switchers up to 31st December 2015, and 20% off new home insurance policies with KBC’s exclusive over the phone offer (1890 373 839).

The research also revealed what exactly consumers want to protect with their home insurance policies. The respondents’ most valued possessions at home were old photographs: a third (31%) of those surveyed ranked these highest irrespective of age.  For 25-40 year olds, their TV, audio and IT equipment came a close second (26%).  Men in this age group attached a significantly higher value to their IT gadgets, with almost half (47%) ranking them as their most valued possessions compared to 20% of women.  Jewellery shone in second highest place among those over 40 years of age, with a fifth (20%) saying it was their most valued possession at home. Surprisingly, furniture only came out in fourth place (8%) across all age groups, with sports equipment left lagging behind at just 1%. 

The research was conducted by iReach on behalf of KBC Bank Ireland using a nationally representative survey of 500 adults.