Context
Unhappy homeowners and businesses brought 2,001 buildings insurance complaints to FOS within the first quarter of this financial year – the highest number of complaints within a three-month period. Many of those complaints related to claims being delayed, declined or undervalued.
Key points to note and next actions
- Between April and June 2024/25 buildings insurance was the second most complained about insurance product.
- Cases have risen by 13% compared to reported complaints in the same quarterly period in 2023/24.
- The number of buildings insurance complaints has been increasing steadily over the past ten years, and in the last financial year, 41% of cases were upheld.
- The top three reasons for buildings insurance complaints in the last financial quarter are claim decline (41%), claim delay (23%) and claim value (8%).
- The more third parties involved in a claim, the higher the chance of poor communication, delays and consumer dissatisfaction.