THE insurance industry pays out a massive £40 million a day in general insurance claims, yet many home owners will find their cover wanting when they claim.

This is the result of market research conducted by independent insurance provider RIAS which shows that most consumers have no idea what level of cover they have under their existing policies and would welcome greater clarity about insurance products when they are shopping around for competitive quotes.

In response, RIAS has produced a home insurance checklist which allows you to track the features included in the basic premiums of up to four providers as well as any additional charges for optional cover, so you know exactly what you are getting for your money in each case.

Andrew Marchington, managing director of RIAS, said: “Everyone likes a bargain, but the cheapest policy may end up costing you a packet in the long term if the level of cover doesn’t meet your needs. Shopping around can be misleading unless you are really comparing like with like and our Checklist aims to make that process simpler.”

As an independent provider specialising in insurance products for the 50-plus market, RIAS has negotiated exclusive rates and cover with a panel of leading insurers. Its policies include many features as standard - such as alternative accommodation in the event of damage to your home - which are often only available as extras at an additional cost from other providers.

“We’ve already shopped around for great deals on behalf of our customers so we are very happy to make it easier for them to check out what we’re offering against the competition,” says Mr Marchington.

Call 0800 052 3666 for a free checklist.