Difficult to navigate:
Purchasing insurance can be a difficult market to navigate. Being prepared for the unexpected is always tricky, especially when it comes to your home. These days it can be easy to obtain a quotation online, but it is the fine print in your insurance policy that will mean the difference between being covered and paying thousands of euros in damages, the devil is certainly in the detail.Insurance companies can and do refuse claims, there can be various reasons for this – non disclosure (innocent or intentional), breach of policy conditions or an uninsured peril (wear and tear would be an example of this).
Important to know the policy
As with any contract, it is important to stay educated about what you need to do to avoid invalidating your insurance policy. The rejection of claims on home insurance policies can happen for a number of reasons. There are multiple scenarios that can result in the voiding of your home insurance policy. For example, thefts must be reported to the police in order to obtain a crime number, failure to do so may result in your home insurer rejecting your claim. Report a crime on your property as soon as possible to obtain a crime number. Similarly, any claim made during a period where your home is left unoccupied for more than thirty days can be rejected. A hidden clause that is frequently overlooked by home owners is failing to notify their insurers that builders are on site. An insurer can refuse to pay, or pay a reduced amount, towards any claim of accidental damage if you fail to notify them.
Avoiding the claims minefield
There are often misrepresentations in home insurance policies that can lead you to believe you are covered when you are not. When taking out a policy it is important to consider the cost of things that may be excluded from your policy. The maintenance of a property is something most home insurance policies exclude from their general drafting and is worth considering before you take out a policy. An example of how this could affect you and your home is general wear and tear. If your roof needs replacing from accumulative deterioration, it’s most likely that your insurance policy does not cover it. Another example is a damp problem arising in your home. If it arose out of lack of maintenance, its most likely that you cannot claim under your insurance policy.
Talk to the experts
The best way of making sure you are covered for the things you need is to stay educated about exactly what you can claim for. Non-standard home insurance is also extremely important when it comes to finding the right insurance for your situation. If you have made a claim in recent years, if your home has over 20% flat roofing, if your property has previously flooded or you live in a flood area, or if your property has a business attached or is unoccupied, then you meet the criteria of a non-standard home. If you meet these criteria, and do not have non-standard home insurance, it is probable that you are not currently covered under your home insurance policy. Being knowledgeable about home insurance policy can save you considerable amounts of stress and money. Ideally, no one wants to have to make a claim but it is important to find the right policy for you and your home, for when the time comes that you do.