BBC News has reported that ‘more than one in five home insurance claims is unsuccessful owing to the complexity of policies.’
As an insurance broker, we understand the complexity of an insurance policy.
Some customers can confuse terms used within their policy or fail to understand exactly what is covered, however, UKinsuranceNET try and make sure you understand everything.
Here are a few of the main issues we experience-
Insuring a property held in Trust:
The two most common problems with insuring a property in the Trust market are-
- Non Professional Trustees are struggling to find the appropriate insurance.
- Where professional trustees are in place e.g. solicitors, there is an exposure to their Professional Indemnity insurance for example when the buildings insurance policy is lapsed and the professional trustees are unaware.
To assist a greater understanding in this area, we’ve pulled together an in depth guide which looks into these issues and outlines the solutions we can offer.
Have you ever been confused with your insurance policy because you can’t understand some of the terms?
We can all interpret the same things differently, but when it comes to property insurance you have to be certain. We’ve pulled together some of the words and phrases used in one of our insurers home insurance policies.
Wear and Tear:
It is not uncommon for customers to get confused with the term ‘Wear and Tear’.
Most people are happy with their property- keeping up on the boiler repairs, regularly cleaning, but say for example a roof tile fell off, why can’t you claim on your insurance?
In the legislation, it will state that you are expected to keep up with the general upkeep of your home. This doesn’t mean just washing the windows or hoovering up. When certain jobs are left a long amount of time they can become a problem.
It’s like leaving a glass of milk on the side. It’s more than easy to wash it out when it has just been finished, however if you decide to wash it a week later you have mould to deal with.
Going back to this roof tile, if you haven’t been maintaining the roof, leaving moss grow in between the tiles or grass grow in the guttering, then they are bound to come off at some point.
Unless the instance couldn’t have been avoided, such as a lightning bolt striking the chimney, your insurance is not liable to pay.
We’ve pulled together a full guide of information that can help you understand this better.
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, from assessing your assets incorrectly, to simply not knowing exactly what you’re being asked. So we’ve pulled together a few areas that cause people to end up underinsured.
Something that can create cause for concern with customers filling out a UKinsuranceNET quote form, is the types of locks on your property.
Some of us don’t know what standard or deadlocks are, and this can make us worry that we’re not providing the correct information for valid property insurance.
Certain types of locks can even save you money on your insurance, so you may want to invest in some improved security.
Here’s a quick guide to property locks and which one you currently use.
Our Knowledge Base is full of useful information to help you look after your property and ensure that none of the above happen.
Worried about your property insurance? Give us a call and one of our expert advisors can provide you with a policy that you thoroughly understand.