Expert’s £30,000 warning against overlooked huge home insurance error | Personal Finance | Finance
Organising your home insurance may feel tiresome – with forms to fill out and important details to remember. But an expert has now urged Brits to ensure they’re checking it all thoroughly, as one major slip-up may cost a hefty ‘£30,000’.
Heath Alexander-Bew, a property specialist at the Alan Boswell Group, has issued a special warning about entering the wrong details for your cover. If something goes wrong, this can lead to denied claims and ‘significant problems’, leaving you ‘unprotected when you need it most’.
This is particularly nightmarish in circumstances like flooding where costs are often up to ‘£30,000’. With invalid insurance, you’ll be given no option but to cover these costs yourself – a huge blow to personal finances.
Alexander-Bew advised: “To avoid this, it’s vital to ensure that all the information you provide to your insurer is accurate and up-to-date. This includes specifics like the correct rebuilding sum insured, number of bedrooms, construction, year of build and whether listed Failing to do so could result in denied claims for structural damage or property repairs.
“Precision is key to safeguarding your home and investment.”
Beyond this, Alexander-Bew also warned that skipping repairs is another big no-no when it comes to insurance. Although it may seem like a great way to save time and money, it can lead to preventable damage in the worst of cases.
As a result, your insurer may be reluctant to cover these costs. In the scenario of a severe damp issue, for instance, Alexander-Bew warns this ‘may be up to £10,000’ of damage. He continued: “Neglecting repairs can result in significant out-of-pocket expenses, especially if the damage was preventable.
“Conduct regular maintenance like clearing guttering, repainting doors and windows if applicable, and address issues like leaks, loose pathing slabs or broken windows promptly. This proactive approach can save you money and keep your home in top condition.”
