One Third of Britons Paying Over the Odds for Buildings Cover, Says Confused.com

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Customer feedback prompts Confused.com to unveil rebuild calculator.

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The launch of the new easy-to-use BCIS rebuild calculator is designed to empower customers and subsequently enable them to get the most accurate home insurance quotes possible. As a result, customers could end up saving significant amounts of money on their policies. We are delighted that the BCIS has worked so closely with us.

Nearly one in three (30%) Britons think that the rebuild cost of their property is the same or more than the current market value, according to Confused.com.*

Research carried out by Confused.com, spanning six months, showed that 10% of consumers thought that the rebuild cost and market value were the same, and 20% thought that rebuild cost was even higher - a mistake which could prove to be costly to 30% of Britons.

To help consumers get the most accurate quotes possible, Confused.com has launched a rebuild calculator, provided by the Building Cost Information Service (BCIS), part of the Royal Institution of Chartered Surveyors (RICS), which will automatically determine a home's rebuild value using information provided by the customer. The new service will be comprehensive and easy to use, with consumers not needing to input any further information about their home.

Darren Black, head of home insurance says: "The fact that one in three consumers considers the rebuild cost to be the same as the market value is unsurprising as it's difficult to calculate, but it could see them paying over the odds, year-on-year."

"The launch of the new easy-to-use BCIS rebuild calculator is designed to empower customers and subsequently enable them to get the most accurate home insurance quotes possible. As a result, customers could end up saving significant amounts of money on their policies. We are delighted that the BCIS has worked so closely with us."

Andrew Thompson, International Development and Data Director BCIS, says, "Many people may expect their house insurance premiums to go down as the market value of their property decreases but they will be disappointed when their renewal comes through. It is clear that many people are miscalculating their home rebuild cost but the service we are introducing, in conjunction with Confused.com, should ensure that this is no longer an issue. Homeowners who assume they should be insuring their home based on market value or those who have failed to provide their insurance provider with an accurate and up-to-date rebuild cost in the past three of four years could save money by using this system. We are keen to ensure that consumers have the right cover at the right price."

*Research conducted by Confused.com, November 2008
For further information please contact:
Press office, Confused.com. 02920 434 398
Joanna Harte/ Karen Wagg, Polhill Communications. 020 7655 0550

Notes to editors
About Confused.com:
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include car insurance, home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.

Confused.com has a panel of 60 home insurers - its typical customer saves £183.05* on their annual home insurance policy.

Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.

  • Based on the average customer savings made in 2008.

About BCIS
BCIS (Building Cost Information Service) publishes information on the capital cost of new and refurbished work collected from Chartered Quantity Surveyors and others working in the building industry. BCIS is a trading name of RICS and was established in 1962 to exchange detailed building price information. BCIS is the UK's leading independent expert on rebuilding costs and has been supplying data to the insurance industry for over 30 years. http://www.bcisrisksolutions.com

About RICS
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 86,000 chartered members (FRICS and MRICS) and 55,000 members in other categories of membership (TechRICS, trainees and students) globally. It represents, regulates and promotes the work of these property professionals throughout 146 countries. RICS is governed by a Royal Charter approved by Parliament which requires it to act in the public interest. It is also a professional regulatory body approved by Government (HM Treasury). http://www.rics.org

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