As mentioned in our previous post, home insurance claims are the least likely to be successful when compared to motor insurance claims and travel insurance claims. Statistics show that while 79% of all home insurance claims are successful, one in six are still rejected annually. In this post, we will offer you tips on how to ensure your home insurance claim is successful. Firstly, and we can’t reiterate this enough, you need to ensure that you have purchased the correct policy. It’s easy to go for the cheapest option, seeing that as the biggest saving to be made, however, this is far from the case when it comes to home insurance. It’s also easy enough to increase your home insurance’s excess at the point of purchase in order to reduce your premium, saving money that way too.
Yet, according to the Association of British Insurers, the most common reason for a home insurance claim to be rejected is that the claim value was less than the excess and the customer themselves were thus liable for the cost. They key point to remember is that your policy’s excess must be determined realistically and having taken good account of the possessions in your home. You may even need to keep close track of the value of your possessions, such as gold jewellery which may increase in value, and adjust your policy accordingly. Secondly, make sure you are aware of the ins and outs of your policy to avoid the risk of policy invalidation. For example, if you have new doors fitted, make sure your insurer doesn’t stipulate a certain type of lock as necessary for the validity of your policy. Another example usually found in the small print is the need to report a theft within a certain period of time. In short, act fast on reporting any theft or burglary to the police, otherwise your claim may be invalid.