If you are ever faced with a problem in the home that might make you consider claiming home insurance, you might want to take pause. There are a lot of reasons why that might not be the best move for you and a lot of reasons why it will be. However, in trying to determine if claiming on home insurance is the right move forward for you, you should be taking in a few different factors, including the level of policy, the condition of your home and what your excess is. Still confused? Take a look at our guide to understand why claiming home insurance might not be the best move.
It depends on how long it’s been since the problem occurred
First things first: if you are considering claiming on home insurance, you have to move fast. Most insurers give you typically up to 180 days to make a claim, but if you do want to make a claim, it’s better to do it sooner rather than later so that big problems, like fire or flooding, don’t continue to do damage to the property.
It depends on the terms and conditions
The first step when you are considering claiming on home insurance is to take a look at the Terms and Conditions of your insurance policy. A good majority of home insurance claims are turned down due to people not having the right policy in place to protect their homes. Additionally, you won’t be obligated to report everything that happens in the home, but some you might be obligated to report, taking the choice out of your hands. Checking your Terms and Conditions will ensure that you report your problem in time and that you are obligated to do so. If you aren’t, you can continue to consider your situation.
It depends on the condition of your home
It’s important to remember when claiming home insurance that the maintenance of your home is a factor. If an issue occurs due to negligence in your home, your claim will be rejected. For instance, if damaged guttering and roofing lead to your home flooding, your claim might be rejected.
It depends on the steps taken to prevent the issue
Additionally, an insurer might want to make sure that you have in fact done all you can reasonably do to avoid an issue that might result in you claiming on home insurance. For example, before you can be paid for a burglary, your insurer is going to want to know that you took steps to avoid a burglary, like locking your doors, hiding valuables from the view from the window, activating alarms before you leave, etc.
It depends on your excess
The big question when it comes to claiming home insurance is how much the problem will cost to repair, and that involves your excess. If the problem is in the thousands of pounds or more, sure. That is a clear-cut case of “Get the insurance to pay for it”. However, when it comes to smaller amounts, you might want to think more about it. If your excess is going to cover a majority of it, you might as well pay for it out of your own pocket. If you have your excess pay for it, your premiums could go up when your policy is renewed and your own money has bought the repairs anyway.
There isn’t any way to know how your next premium will be affected, however, generally, insurance premiums for a smaller problem tend to come back to bite in a bigger monthly premium when your home insurance is renewed. It’s worth remembering that an insurance premium that you don’t like doesn’t have to be accepted. Instead, shop around and see if you can find a better deal and take that back to your insurer to negotiate.
It depends on what your loss assessor says
If you’re still not certain of what you want to do, you should contact a loss assessor. These are experts in handling an insurance claim in the name of the policyholder. This means you can avoid a lot of added stress of negotiating your insurance claim after a traumatic event like a burglary or large-scale damage to your home.
A loss assessor can look at all the information and weigh up what the best step forward is for you. They can inform you on what the process is and what the insurance is likely to cover, letting you make an informed decision on whether you want to make a claim at all.
To sum up
Deciding whether it’s worth it to consider claiming on home insurance on your property comes down to a few factors, mainly the state of your home before the incident occurred and how much excess you have. A loss assessor will be able to wade through all the smaller details and come out with a plan to move forward that’s best for you.