YOU buy Home Insurance in the understanding if you ever have a problem with your property, theft, flood or subsidence, then you will be able to call on it to put the problem right without bankrupting yourself. But this is a cautionary tale of some of the things that can go wrong easily if you buy home insurance in haste or without reading the small print.
Indeed, if you buy home insurance off a price comparison website, then you need to read the small print carefully. The best prices there hike the excess payments due and also reduce the cover significantly to get the lowest and most attractive price possible. Their policies are like meeting a stunning woman/man at the bar and once you take the clothes off you find a 90-year-old hag underneath.
So if you come home from work to find a small electrical fire in the kitchen has damaged the worktop and some cabinets. You go for your home insurance and that’s when you find out your voluntary excess of £250 is added to a compulsory excess of £250, meaning you have to pay out the first £500 in the claim. Makes it not worthwhile.
Or if a flood strikes out of the blue as it can in the UK, you call your home insurance providers as the water laps at the top of your television and sewage swims past. Then you find because you bought a cheap as chips policy from Moneysupermarket, that the insurer excludes flood damage to keep the cost down. It was in there on page 49 of 150 of the small print and it’s your fault you didn’t read it, time to re-mortgage to get the house fixed, best budget £35,000 at least.
Or you get the dreaded crack in the wall that signals subsidence. Again, your cheap policy bought with a meerkat toy doesn’t include subsidence because that would have made the price unattractive. Now the stunning blonde really is a hag as it will not pay out the £20,000 needed to correct and underpin your house.
Or your bicycle gets stolen from your garage and you find it is not covered because you didn’t specify it on the schedule of risks.
These are simple problems that occur when people come to claim and nearly always they are down to not reading the policy wording or burying your head in the sane hoping the lowest price insurance will cover you.
To get good Home Insurance you need to visit The Property Insurer.