According to the survey, one of the most significant gaps in home insurance is due to misunderstanding of civil liability protection or its ignoring. 12% of residents admit that they have never heard of civil liability insurance, and almost a third of respondents (31%) do not know what this protection means. 20% of respondents indicate that they do not have civil liability insurance, and another 10% do not insure their home at all.
Artūras Juodeikis, Director of the Claims Department of Lietuvos Draudimas, noted that the survey results reveal the situation of financial literacy as sometimes residents do not know what insurance coverage they have purchased, whether it would cover damage to their neighbors' property, and some completely ignore insurance as a risk management tool.
According to the study, over the past 10 years, almost a quarter (24%) of residents have suffered damage from neighbors, and more than 11% have caused it. Artūras Juodeikis added that in certain cases the extent of damage increases significantly: losses from floods can reach EUR 30–45 thousand, and from fires – EUR 60 thousand and more.
It is noted that the study surveyed 1,019 Lithuanian residents living in various parts of the country and representing age groups from 18 to 75.
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