Nearly half – 39 per cent – of people do not read the policy on their home insurance, according to Paymentshield.
Data provided by the insurance company also shows that 38 per cent of people asked did not read their tenancy agreements, and that 32 per cent did not read their mortgage terms and conditions.
Meanwhile, 46 per cent of those who did not read their home insurance policy said that it was because doing so was too time consuming, 31 per cent said that it was too complicated, and 25 per cent said it was too boring.
The study is based off the results collected from 1,023 individuals with the help of YouGov.
London Money founder Martin Stewart says that he is not surprised “in the slightest.”
“There are as ever two sides to each story,” he adds. “One, the industry does not help itself when it comes to terms and conditions, and how they are presented to the consumer.
“We are all guilty of clicking the box without absorbing the information. But on the other hand, “caveat emptor” remains a valid saying and people need to realise what they are signing up to before it is too late.
“I think general insurance is one of those products that people are price conscious on, but the reality is it can be a complex product and the best advice is to always take advice where possible.”