UK Home Insurance Consumer Research Report 2022

This report considers the current situation for those with home insurance policies in the UK and explores type of insurance, criteria for choosing, i.e. price v cover, renewal v switching, big brands v small brands. Use and perception of price comparison sites, claims made and claims success, policy cancellations. It is based on a national consumer survey of 1727 policy holders undertaken in November 2022. 

As well as the report the price includes a data spreadsheet with detailed survey results in total and by age, sex, region, income. 

Here are some selected findings:

• According to the survey, the first thing that a consumer looks at when choosing home insurance is price rather than what the insurance actually covers. Over 70% consider the price first.
• Over half (53% overall) also prefer to take a home insurance policy from a well-known insurance brand even if there is a cheaper option from a less well-known brand.   
• A majority (57%) stayed with their current home insurance provider when their latest renewal came around. Just under a third (32%) switched provider when their last renewal came around.
• Over the next 12 months, 20% say that they are definitely going to switch while another 43% say that they might switch. The FCA’s recent reforms, where insurers have to offer the same insurance price to existing customers as well as new customers, could temper some switching although many consumers may not know about this change.  
• To try and save some money in these inflationary times, there are 18% of those with just contents insurance that are considering saving money by cancelling their policies completely when the renewal date is imminent. 
• Only 9% of policyholders have made a claim in the last year and another 10.5% have made a claim in the last two to five years.
• Buying home insurance direct from the insurance company is still the route used by the largest group - 45% of respondents. Not that far behind are price comparison sites with 34% purchasing home insurance policies from these sites.