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.