Is Your Home Fully Insured?

A very important fact regarding the amount of cover you choose. Be very careful when taking out an insurance policy. Always make sure your  home is fully insured, don’t be afraid to ask questions when taking out a policy, ask whats covered under the policy and make sure your home is 100% fully covered.

People aren’t aware that if they take insurance that only covers say 50% of the value of their house, all claims they subsequently make will only receive a 50% payout, even if the amount is under the value insured.

We recently came across a claim where a house valued at £304,000 was insured by the owner for £150,000 to try to save money on the annual premium. The couple believed that any claim under £150,000 would be covered but after water damage occurred in the house requiring almost £5,300 of work the Insurance Company were only willing to pay them £2,614 (after excess is deducted) because they only got 50% of cover.

An expensive and hard lesson to learn for the policyholder.

If you have any questions regarding a home insurance claim and think you are under insured then contact our office and one of our team can assist you.     Call: 0800 292 2915