Top 10 most complained about financial products The Ombudsman has seen a surge in complaints about this type of insurance, and now lists it as a separate category in its annual report. The biggest problem is that these policies - which can cost up to £180 a year - are often sold by shop staff, or a sales rep from the mobile network, who does not understand what the insurance covers - and what it does not. In many cases customers are paying twice, as their phone is often covered for loss or damage on a standard home insurance policy. Some customers don't even realise they are paying for this cover, as premiums are bundled up with other phone charges. The Ombudsman has also pointed out that many of these policies have very restrictive terms, making this cover of limited use to most consumers. Natalie Ceeney, the chief ombudsman said "While 'specialist' insurance products can be useful for some consumers, they aren't always necessary for everyone. So don't buy on the spur of the moment - take some time to read the small print before signing up. Six out of 10 complaints about mobile phone insurance are upheld in the customers" favour.