The cheapest cover may not always be the most suitable for you.

People are increasingly looking to online comparison websites to find their cheapest home insurance deal but policyholders should be warned that the cheapest cover isn’t always the right option. 

The Financial Services Consumer Panel recently highlighted that pressure to sell products through internet comparison sites had led to some insurance companies competing on price alone. This situation has led to traditional policy features being removed and consumers finding out that they do not have the cover they expected when making a claim.
 
Ian Keeling, Head of Sales and Marketing at the Vernon, said: “It’s very easy for people to assume that because an insurance policy is on a familiar internet comparison site it will provide all the cover that is needed. Too often policyholders only find out that they are under-insured at the critical time – when they need to claim. Home insurance is a complex financial product and many of our members have been surprised after we’ve reviewed their needs either that they have not been adequately covered for certain items or that they have been over-paying for policy features that they don’t actually need. The message therefore is to carefully assess and understand your policy documentation or seek expert help.”
 
To find out more about the home insurance that we offer at the Vernon click here or visit any of our six local branches.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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