According to a recent survey conducted by Santander over 40% of homeowners who took out a home insurance policy did not read their insurance agreement before taking out a policy.Homeowners that do not read the full terms and conditions of the contract run the risk of being under insured, as they are not fully aware of what their insurance cover actually covers.Research has shown that some policyholders who thought that they were covered for a particular level of coverage like accidental damage, were in fact not covered at all, and face the expensive task of replacing the items at their own expense. This of course could have been avoided had they read the level of cover included on their insurance policy. All homeowners want the best level of cover at the cheapest price for buildings insurance and contents insurance, but they must check to see that the cover meets their insurance needs before taking out a policy. Not all policies are the same and that is why it is so important to read the terms and conditions very carefully making sure that it does in fact meet the right level of cover to protect their home and their possessions.See our home insurance comparison table for more information or our guides and tips pages.
AA Insurance are asking all owners of holiday homes to make sure their insurance polices cover items that are left there while the property is empty.
The summer months see many people heading off to their second homes, taking a break from the daily grind. However AA Insurance want them to just think about what they may be leaving at the property and to ensure they have adequate home insurance cover in place. Their data suggests more than 10 percent of people do not know if it is adequate or not.
A spokesman from AA Insurance also wanted to remind people to take basic security precautions during the warmer weather. These include closing and locking windows when the property is empty, locking front doors if people are in the back garden and so on.
Lloyds TSB has announced a new home insurance product for those aged 50 and over, with the option to tailor the protection to suit specific requirements.
This new Lloyds TSB insurance product acknowledges the many and varied needs of people so gives them the chance to opt in or out of different aspects of home protection. Standard cover includes fire, flood, subsidence and theft but on top these there are 21 other areas of household insurance that can be added if required to match the householders individual lifestyle.
A bank spokesman said that this alternative approach showed how well Lloyds TSB recognised the customers as individuals and that we all have different needs from home insurance.
