Published : 7 years ago, on 10/10/2017

Insurance startup goes live with Home Buyers Protection insurance, helping more than one in ten affected by “gazumping”

Homelyfehas launched as a new type of insurance company using technology to make buying and managing insurance easier for consumers. Initially launching with Home Buyer’s Insurance, Homelyfe will release multiple lines of insurance over the coming months, which will ultimately allow users to manage all their insurance requirements within one easy to use app. Homelyfe is available today with Home Buyer’s Insurance for £35 online, or via the Google Play and Apple App Stores.

With Homelyfe, you can do everything from getting quotes and purchasing, to managing and renewing multiple insurance policies and even initiating a claim. Founders Peter Goodman and Andrew Craven, like many other consumers, found buying insurance complicated, outdated and a lot more time-consuming than it should be, which ultimately results in not getting the appropriate protection. Homelyfe is giving the insurance industry a much-needed update; making insurance simpler to help consumers get the right policy, at the right price, 24/7.

“The insurance industry is notoriously complex and archaic in its approach. The unfortunate result is that a lot of British consumers spend a long time answering outdated questions and are not getting the adequate protection or cover they need and want,” said Peter Goodman, Founder and CEO of Homelyfe. “Some providers are still posting quotes rather than emailing them and each time you get insurance, you need to provide the same information fresh again, regardless of whether you are with the same provider.

“It shouldn’t be as difficult as it is – life is easier than that now – and it is time the insurance industry caught up with today’s consumer expectations. We’ve created Homelyfe to make insurance simple, intuitive and cost effective. By taking a common-sense approach, without the jargon or the unnecessary hoops, we’re looking to make it easy for people to get the protection they need, when they need it.”

Ahead of the launch, Homelyfe conducted a YouGov survey of 1,300 British homeowners and those who are looking to buy their first home in the next two years. The research found that more than one in ten property purchases have fallen through due to a seller accepting a better offer from someone else in spite of already accepting an oral offer – commonly known as gazumping. Being gazumped had cost 32 percent of those affected upwards of £500. The findings showed that the risk of losing money is compounded by a lack of understanding of Home Buyer’s Insurance (HBI), which is designed to protect fees such as conveyancing and valuation fees from being lost through gazumping.

With 82 percent of homeowners and those looking to buy their first house in the next two years having never heard of the insurance also known as ‘Gazumping Insurance’, only two percent had previously purchased it, despite nearly half of respondents (45 percent) saying they would now consider using it for a future home purchase. This speaks to a wider issue of a lack of clarity and transparency in the insurance industry, evidenced by the fact that only 37 percent knew the legally required insurance necessary when purchasing a property. When asked how they would like insurance improved, 60 percent of homeowners and homebuyers said they’d like to know they could renew their policy with the same provider without premiums going up, followed by 45 percent who wanted less jargon in the process.

Homelyfe is launching with HBI for £35 to make it easy for property buyers to cover themselves against losses, giving them peace of mind and reimbursing their expenses, should the worst happen. Find out more at www.homelyfe.com/home-buyers-insurance. Or download the Homelyfe Insurance app from Google Play and Apple App Stores.