Under insuring on your house insurance is a risky proposition says Santander

Published: 5/7/2012

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.

Bicycle Thefts On The Rise According To Household Insurance Data

According to data collated by the Halifax home insurance division people in the UK have a bicycle stolen at a rate of just over one every minute. The actual rate is one every sixty-five seconds, worsening from one every seventy-one seconds last year. The data also shows that London is the most dangerous place to own a bicycle, perhaps unsurprising as the bike is a popular form of transport in major cities like this. A Halifax spokesman suggested a simple way to cut the rate of bike theft would be to use a simple U shaped lock when the bike is left unattended. The Halifax insurance spokesman also suggested looking at garden security, since many bicycles are kept in garden sheds or just in the back garden itself. Simple security is not expensive and could mean a home insurance claim is not needed.

DIY Can Be Costly Says Insurer

A study by Zurich Insurance has revealed that over 15 percent of property owners have had to get proper tradesmen in after struggling to do it themselves. The biggest reason these people had for going down the DIY route was saving money, with a third of people citing this reason. However Zurich Insurance found that they typical cost of making right the damage caused came to GBP280. Home insurance knowledge was a little shaky on the subject too, with almost 75 percent of people not knowing if DIY disasters would be covered. Also regarding home insurance the Zurich Insurance survey found that nearly half the respondents would not think to inform their insurer if major improvements to the property were to be made. Get a great quote on Zurich Home Insurance today.

Oil Heating Fuel Theft Threat

The Abbey National is warning homeowners who use oil for heating to make sure it is insured as thefts of the valuable resource are on the increase. A spokesman for the Abbey National confirmed that police forces from around the country are seeing a rise in oil thefts, with domestic dwellings being specifically targeted. Homeowners are being asked to check their home insurance policy documents as around 10 percent of policies do not cover heating oil. This issue has grown in importance as the cost of oil has risen so much. Abbey National figures show that the price of oil has pretty much doubled since January, making it an interesting potential opportunity for potential thieves.

Under insuring on your house insurance is a risky proposition says Santander

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Bicycle Thefts On The Rise According To Household Insurance Data

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