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This world first study, conducted by Monash Professors Justin Malbon (Faculty of Law) and Harmen Oppewal (Monash Business School) examined the effectiveness of home contents product disclosure statements (PDSs) and key fact sheets (KFSs) in assisting consumers to select the best policy that suits their needs.
406 participants across Australia were provided a PDS and/or a KFS and were invited to purchase a home contents insurance policy from a choice of a ‘good’, ‘okay’ and/or ‘bad’ insurance policy.
The study found that:
The study was supported with funding from the Financial Rights Legal Centre a community legal centre that specialises in helping consumers understand and enforce their financial rights, especially low income and otherwise marginalised or vulnerable consumers. This funding was in turn sourced from over-collected fire services levies distributed in accordance with a process set up by the Victorian fire services levy monitor for projects benefitting Victorian consumers of insurance.
Financial Rights acknowledges Aboriginal and Torres Strait Islander peoples as the traditional owners and celebrate the diversity of Aboriginal peoples and their ongoing cultures and connections to all lands and waters. Financial Rights acknowledges the Gadigal people of the Eora Nation as the traditional owners and custodians of the land on which our main office is located. We pay our respects to Elders past and present and future traditional custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Aboriginal and Torres Strait Islander peoples should be aware this website may contain images or names of people who have passed away.