New research from price comparison site Gocompare.com suggests that a surprisingly high number of people - 1 in 5 householders - have lied or omitted information on their home insurance application.
Of over 2,000 people surveyed, more than half said that they felt home insurance premiums were too high – which could go some way to explaining why there was a certain level of economy with the truth on their home insurance applications. When asked when they had guessed at, altered or withheld information, the subjects admitted to stretching the truth on the following subjects:
- 34% said that they had omitted or altered their quoted renewal price
- 12% exaggerated the truth about the type of locks they had on their doors and window
- 6% lied about their home being occupied during the day
A form of fraud?
Over a quarter of people questioned said that they didn’t believe withholding or altering information on a home insurance application was a form of fraud – an assumption that is incorrect and could land you in hot water if it subsequently comes to light that you’ve been less than truthful on your home insurance application form.
Ben Wilson, of GoCompare.com, cautions: “Having an insurance policy cancelled can have a lasting negative effect, as when applying for insurance in the future you will be asked if you have had a policy cancelled or declined and, if you have, some insurers might not cover you, or charge you a hefty sum to do so.”
A better way to get cheaper home insuranc
However tempting it might seem to paint your home insurance application in the best possible light, it’s better to be upfront and honest when filling in the form. Wilson advises that: “Honesty is always the best policy when it comes to insurance, as getting caught out when you come to claim means that not only would you have wasted money paying for the insurance in the first place, and facing the prospect of footing the bill for any repairs or replacements yourself, but you could also end up not getting insured or paying through the nose to be protected in the future.”
Researching different home insurance providers can help you to find cheaper home insurance without needing to resort to exaggeration. Compare the latest home insurance deals using the table below: