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When you first buy a property, the first thing you do is make sure you have insurance in place to cover your building or contents in the event of theft or a disaster, but it can be incredibly frustrating to discover that your insurance company refuse to pay out especially if you have been paying your premium every month without fail for a long time. So how do you ensure that if the time comes, you are covered and your insurance company will pay out? The main thing to remember is to disclose as much information to your insurance provider when you take out your policy. The most common reason for insurance claims being turned down is because people haven’t given all of the information or the correct information, known as non-disclosure and making the insurance void.
In most cases, people are generally unaware of the information they are expected to provide, like serial numbers for specific items or keeping receipts but there are also many people who deliberately hold back information to try and lower their monthly premium or claim a higher amount of money in the event of a claim. For this reason, insurance companies are very strict and take fraud very seriously which means if they have any doubts at all, they are unlikely to pay out.
So in order to help prevent problems with insurance companies paying out, follow a few simple steps to help protect you and your belongings. Firstly make sure you choose a policy which is right for you and covers everything you need rather than simply being the cheapest option. Just because you are paying into a policy doesn’t mean you are covered when the time comes. Avoid high excesses, as this can often render the policy pointless if you can’t afford to pay the excess if you need to make a claim. And of course, always read the small print of any policy and clarify anything you are unsure of or anything you need to cover specifically.
The next biggest thing to remember is to keep as many receipts as you can. It may seem a pain, but simply pop them in a file or draw somewhere so you can refer back to them if you ever need to make a claim. This confirms proof of purchase, particularly for larger purchases or expensive items. And it’s always a good idea to take lots of photos and pop them with your receipts. This shows you own the items and helps your case if you ever need to make a claim.
Be open and honest with your insurance company, even if you don’t think it’s relevant. Not disclosing certain information could mean you can’t make a claim so it’s pointless paying into a policy for months or even years if you think they won’t pay out anyway. Also, don’t forget to let them know about any changes. If you upgrade your TV or purchase a new sound system, it’s worth contacting them so they can log this information and don’t forget to keep the receipts and take pictures.
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