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Home Insurance mistakes to avoid

The internet has made it so much easier to buy a home insurance policy, insuring your home is essential but before you take out or even renewing a home insurance policy, you should make sure you understand what it is you will be signing, if you overlook anything it could be quite costly for you.
If you inadvertently or even deliberately fail to mention certain information on your application form, the insurance company can refuse to pay out on any claims you happen to submit.  So always try to disclose the correct information as if not you will be the loser.

The key to successful home insurance is complete honesty.  If you are buying online and you think there is some information that could affect the validity of your home insurance
policy, inform your insurance company in writing not over the telephone, it is always best to have things in writing.  Most of us don’t even think to read the small print on our home insurance policies, but buried amongst the terms and conditions there could be an assortment of legitimate reasons why your insurer can give for refusing to honour the claim.
Insurance companies are not necessarily being underhand, but there are the customers who make mistakes on there application forms, or who fail to take practical security measures, could for example: put their home insurance cover at risk in the event of a fire or burglary.

When you purchase your home insurance policy you are hopefully paying for peace of mind and protection from all eventualities, so by ensuring that you complete your application form correctly you will not be making your insurance invalid by failing to comply with the terms and conditions of your home insurance policy.

It is imperative that you protect your home as best as you possibly can, but problems may occur if your home is not in fact as well protected as your insurer is lead to believe.  If you fail to mention any lack of security on you home insurance application form, insurers are well within their rights to refuse burglary claims.
When it comes to calculating what your possessions are worth, most insurers ask you to estimate the value of what we own to ensure that we are covered for the correct amount.  Research has shown that we regularly underestimate what our possession is worth.
The more that you are covered for, the more your insurance policy will cost you, but if you take out insurance cover for only say  £20,000 whilst you actually own around £40,000 worth of possessions, your insurer is only legally entitled to pay out fifty percent of any claim.

Make sure you keep you insurer of any important changes to your valuables. Also any building extensions to your home, if you have not informed your insurer of these details and god forbid it falls down you will not be able to make a claim.

Don’t leave large amounts of cash lying around at home as most insurers will not cover you for the replacement of any cash if it’s stolen during a break in, you will probably only have a claim limit of £500.  During a recent survey it is understood that more than one in ten people keep all their cash at home, some people as much as ten thousand pounds. It is a possibility that some people don’t trust the banks to look after their money, but I assure you that if it is tucked under your mattress your insurer will not pay out.

If you are living in rented accommodation, don’t rely on your landlord’s insurance to give you any protection if something goes wrong. It will be the landlord’s responsibility if say the roof falls in, but it is highly unlikely that their insurance will cover damage or theft of your personal possessions.

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