Survey Highlights Major Misunderstanding of Insurance Policies.
Results of an Axa survey found a major misunderstanding of Insurance Policies – a high number of policy holders simply do not fully understand what their insurance covers them for.
59% of people wrongly believed that damage caused by such events as adverse weather or fires would automatically be covered. In reality, if chimneys are not regularly swept, wiring is old or faulty or brickwork is damaged due to climbing plants – basically poor maintenance – it simply won’t be covered.
Existing cracks and subsidence need to have been reported to insurers when people seek a quote or if changes occur during the policy. But some people believe it’s not in their best interest for fear of higher premiums or being rejected for future insurance.
Hiding this might potentially lead to claims being rejected in the future, although it’s not always that clear cut, especially if a complaint is sent to the Financial Ombudsman Service, which considers what’s fair for both parties, not just what the law is.
Insurers are notorious for delays once their surveyors have established there is a costly structural problem, and they have an incentive to do things on the cheap, even if that pushes problems down the road. Policy holders must insist the work is done properly and not papered over and that’s exactly where Aspray can help.
