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Help Your Insurer Approve Your Claim

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When it comes to buying the perfect insurance, the company that covers you relies on your honesty. If you hide the truth to get a cheaper premium, then you probably won’t have a successful claim if the worst should happen.

There are a few reasons why you might end up with the wrong cover, so we’ve pulled together a few areas that cause people to end up underinsured.

When you’re filling out an online form, it can be hard to explain all of the specifics of your property. Sometimes we don’t always know which locks we have on our windows and doors, so we might not be getting the correct cover by just guessing.

You can always give one of our advisors a call to explain your specific circumstances and be certain that you’re giving the right details. Due to the recent changes in insurance laws, questions must be more in depth from insurers however customers must be assessed to assure they are not purposefully withholding information. You can understand the new insurance bill by reading What Does the New Insurance Bill Mean

Reinstatement Value-
An issue that comes up quite often is the confusion of what Reinstatement Value means. When your insurer asks you what the Reinstatement price of your property is, they do not want the resale price. This is the cost of completely rebuilding the property should it be destroyed by fires or storms.

This value can change depending on the cost of materials that the house was built with. For example, if we suddenly had a brick shortage in the UK, your reinstatement value would increase because the price of bricks would. If this information isn’t updated, you could be paying out more than you thought in the event that you needed to claim. 

A lot of the time, we find customers concentrating on the price of their premium more than the effect of their cover. We all want to save a little where we can, but we have to remember that when it comes to insurance, you get what you pay for.

If you’re struggling with the price of your property insurance due to a high risk factor such as trees or rivers, you can exclude these factors from your policy, or set up monthly payments so that the full cost doesn’t knock you back. This does mean however, that you won't be covered if these become the cause of damage to the property. 

One thing that is important to remember is that insurance brokers or companies do not want to reject your claim! It is better for everyone involved if everything goes smoothly.

If your insurance company hasn’t been given the correct information, then they cannot cover you for damages. For example, if you tell us you have window locks on your property, we will give you a lower quote because this decreased the risk of theft. However if you get your valuables stolen and we discover there are no window locks, we cannot cover these losses.

This doesn’t only upset the customer, but also reflects badly on the insurance broker or company, leading to an investigation to determine if the customer withheld the information or the insurance company did not ask the correct questions.

So please, be honest.

How can we help?

We understand the importance of getting a reasonable insurance quote, and that’s why we specialise in high risk properties. Some insurance companies will not assess individual circumstances and give you a high premium for being, what’s considered as, a high risk customer.

If you’re a landlord, you bring more risks because you have the potential to have legal disputes with your tenants. At UKinsuranceNET, we will listen to your individual circumstances and get you the correct quote without throwing you into a high risk category.

We will learn if a landlord has a tenancy agreement with their tenants, reducing the risk of financial losses. 

This goes for all of our products, so you can get your online quote here, or give one of our advisor a call on 01325 346328.

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