To Claim or Not to Claim?
Tabloid titles are leading with a recent study by Which? that shows your home insurance could rise by 50% even after making only one claim, begging the question, to claim or not to claim?
*Those claiming on home insurance most commonly reported accidental damage or a loss at home (30%), but substantial numbers claimed for ‘escape of water’ (25%) and thefts from the home (9%), which of course can mean much more complex and costly repairs as well as an increase in concerns over the security of the property.
Insurance claim specialist, Niall Quinn, Director, Gullion Ltd said, “The costs of repairing the damage from a claim event will ultimately weigh heavily on whether you should claim or not. Either way, insurers expect FULL disclosure on all recent incidents, not just those where you have lodged a claim as they set their premiums based on risk. Although this may result in an increase in your premium, if an insurer learns that you have failed to disclose a fact, it could consider this ‘non-disclosure’ and use it as a basis to decline a future claim or cancel your policy completely. Insurance companies can check for previous claims via the Claims & Underwriting Exchange (CUE). All incidents logged remain on this system, after the claim is closed, for 6 years.
“If you are more likely to make a claim and therefore cost insurers money, then the cost of your home insurance will increase. Claims, relating to isolated incidents have less of an impact on premiums compared to homes that are more susceptible to ongoing problems, such as flooding. In some cases depending on the previous claim made, it can make it more difficult to get insurance cover, even though the reason may not be your fault. However full disclosure remains paramount otherwise any new attempts to claim could be invalid.”
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
Gullion Ltd – regulated by the Central Bank of Ireland and authorised and regulated by the Financial Conduct Authority. You’re number one choice for insurance claims. For more, Gullion Ltd can also be found on Facebook, LinkedIn, Google, YouTube and Twitter.
*Figures supplied by GoCompare. They reflect the customers who used its service between January and August 2021.
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