Nearly two-thirds of those with auto or homeowners insurance — 59% — worry that, in an era of surging inflation, their coverage may not be enough to protect their assets, according to a new survey.
Those fears may be well-founded. The survey of more than 1,600 policyholders also found that among those who have made a claim in the past five years, 40% found their policy did not cover the claim to their expectations.
The Harris Poll conducted the survey on behalf of VIU by HUB, a digital insurance brokerage platform powered by global insurance brokerage and financial services firm HUB International Limited.
In a summary of the findings, Bryan Davis, executive vice president and head of VIU, says:
“Consumers are right to be concerned about the possibility of coverage gaps, as the economy is changing quickly and many people are unknowingly underinsured.”
Inflation is pushing up prices everywhere, including in the home improvement and auto repair markets. If your coverage limits remain the same as costs rise, you could end up having to pay some repair or replacement expenses out of pocket.
That reality could prove costly for policyholders, as 29% admitted in the survey that they might be forced into debt if they had to pay more out of pocket to repair or replace their home or car.
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