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Check the details before signing a home insurance policy

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Ahome insurancepolicy – like any other kind – represents a contract between the insurance provider and the policyholder. Therefore, it is important that you read the policy carefully before signing anything, as you would not expect to sign any other form of legally binding contract without checking the small print. Taking the time to do this before putting your signature to the policy document can save you an awful lot of unhappiness.

The first thing you need to check is that all of the details concerning your property and possessions that you have supplied the insurance company with are accurate. If you provided inaccurate or false information, this can lead to your policy being invalidated in the event of you attempting to make a claim – thus it is not worth the risk. Furthermore, you should ensure that, if your circumstances alter afterwards, you contact your provider to notify them of these changes.
When reading through the documents, you should look to find out what the clauses are and what they mean to you. You should also be clear on any areas you are not covered for – the number of these that there are will likely depend on the size of the premiums you are paying. It is possible to secure policy extensions to cover areas not included in the original policy, but you need to be clear on what these are before you can look into this.

In terms of issues such as subsidence, which can affect home insurance policies, it is best not to purchase property in areas particularly affected by this. If you do, the preferable option may be to make arrangements with the company who insured the property under the previous owners; this will give continuity when it comes to the terms of the policy and levels of the premiums, as many companies are reluctant to provide insurance for properties with high subsidence risk – due to the heavy costs involved in repairing the damage it causes.