Two thirds of Poles choose home insurance considering the scope and price of the policy

30 June 2022 — Daniela GHETU
The scope of insurance policy (68% of respondents), price (67%) and the sum insured (47%), are the first three criteria used by Poles when acquiring home insurance, a study carried out by SW Research on behalf of Wiener shows. The insurance company's reputation is only important for 30% of respondents.

More than half of the respondents declared that they checked the value of their property before taking out insurance and determined the amount for which they would insure it (57%). 18% insured their apartment or house for less than PLN 200,000*, 22% chose a sum in the range of PLN 200-300,000, and another 20% insured their property in the range of PLN 300-450,000. As Wiener notes: as many as 60% of respondents believe that their apartment is insured for an adequate value.

According to the insurer, agents can play an important role in improving customer knowledge and awareness, and thus eliminating underinsurance. Agnieszka Wlodarska-Poloczek, Wiener expert, adds: "Our study shows that more than 1/3 of the participants, when determining the amount of the sum insured, were guided by the suggestions of the agent with whom the policy was concluded. This gives agents a huge field to spread awareness about the insurance gap and make customers aware of the risks of underinsurance."

It is worth stressing out that Poland in one the CEE countries with highest housing insurance coverage, about 60% of the individual real estate property being insured against the flood risk, while by adding the residential buildings in agricultural holdings the percentage climbs to about 90%.

Source: Polish Chamber of Insurance newsletter, 30 June

*Exchange rate as at 30 June 2022: 1 EUR = PLN 4.6806

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