Avoid these home insurance mistakes
- 12 hours ago
- 1 min read
Outdated valuations
When taking out buildings insurance, you will need to calculate how much it would cost to rebuild your home if something happened. If you’ve recently undergone renovations, building work or other alterations, the rebuild cost may have changed. If you haven’t notified your insurer about this, you risk leaving your home underinsured.
Missed disclosures
When applying for home insurance, you will need to declare any previous claims so the insurer can ascertain any risks. It’s easy to forget about a claim you made four years ago, but any missed disclosures could invalidate your policy. It’s therefore essential that you go back through your records to ensure you have disclosed all the necessary information.
Auto-renew traps
It might be convenient to let your policy auto-renew, but this can mean that you don’t review your policy. If your circumstances have changed, you might need a different level of cover. For example, if you have a new pet or have bought an expensive gadget, you will need to update your policy accordingly.
As with all insurance policies, conditions and exclusions will apply.
Sources:
https://www.aviva.com/newsroom/news-releases/2024/05/10-ways-people-could-accidentally-invalidate-home cover/#:~:text=Not%20declaring%20building%20work%2C%20alterations,renovate%20or%20alter%20a%20property
