Named Perils and Everything in Between!
Insurance jargon is complex and every policy is different so it’s vital that you check the small print of your policy (contract) which you are agreeing with your insurance provider, warns insurance claim expert Niall Quinn, Director, Gullion Ltd.
Niall said, “Any insurance claim can only be negotiated within the parameters of your individual policy, so it’s important that the policy holder is aware of what’s covered and what’s not, should they need to make a claim.
“‘Named perils’ within policies can include: subsidence, fire and storm damage, escape of water, flooding, lightening etc. and are usually cheaper than comprehensive cover as they are less of a risk to an insurer, however if the peril is not specifically named within the policy then you are not covered for it.
“An ‘all-risks’ or ‘open-perils’ policy is also referred to as comprehensive cover, and unlike named perils, this type of cover is wider and extends to most threats excluding acts of war and nuclear disasters….well of course, there had to be exclusions!
“Escape of water, one of the most common claims we deal with at Gullion Ltd will typically carry a much higher excess, that is, the first part of any claim which is paid by the policyholder. Home insurance policies don’t cover ‘general wear and tear’ of contents and can be completely invalid for building insurance. For example it would be highly unlikely that any insurance company would pay out if you have not maintained your roof, which was found to be the cause of a water leak at your property.
“Accidental damage is sold as an optional extra and can be taken out on contents, building or both but just because you have one, don’t assume that you have the other. For those renting accommodation, your landlord is responsible for building insurance but not the contents which is the tenant’s responsibility.
“Ultimately every policy is tailor made based on the information you provide. It’s crucial that you disclose all ‘material facts’ to your insurer – that is anything that would lead them not to insure you? Non-disclosure or even misrepresentation when buying house insurance on price comparison sites can result in your policy being cancelled or your claim refused. Price comparison websites often pre-fill answers to speed up the process and if you don’t spot incorrect information, ultimately your provider may not stand over the policy in the event of a claim.”
For a FREE survey and independent advice on all property claims, contact Gullion Ltd, your local insurance claim experts. We are open 24 hours, every day and operate a ‘No Win, No Fee’ policy. EMERGENCY 24 HOUR HELPLINE call 028 3082 8838
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