According to the latest research from the Financial Conduct Authority (FCA) which shows that many insurance firms, including several top-ten insurers, have rejected on average 23% of claims with some rejecting as much as 45% of all home insurance claims.
To put this into context, by contrast the FCA found that 99% of car insurance claims are accepted by insurers.
Director Niall Quinn, Gullion Ltd Loss Assessors and Surveyors said, “Claims walkout are being blamed by insurance companies for these high statistics which in turn highlights the problem. Homeowners are contacting their insurance company to see if they are covered for something under their insurance policy and then they don’t claim however they should know what they are covered or no covered for at the point of purchase.
“These are worrying statistics which highlights that homeowners do not understand what they are buying. For many homeowners renewing your insurance policy is an annual chore which is best treated as swiftly as possibly just to get this task completed. Let’s be honest, it’s not the most exciting job to do with lots of fine print and so many options and add-on’s …but do you know what you are buying?
“With home insurance premiums spiraling against a cost of living crisis, homeowners are paying attention to their policy more than ever but in a bid to taper off any extras or to adjust levels of cover within certain aspects of the policy to save costs on their premium. This of course, comes with its own risks as The Chartered Surveyors in Ireland found that rebuild costs, due to the increase in the price of energy, inflation on raw materials and labour shortages, have leapt by more than 20% over the past 12 months.
“Ultimately an insurance policy is a legal contract which is being entered into by both parties, the home owner and the insurance company so that your asset is protected should your property be damaged. There is no one policy to fit all – each policy is individual and set out within the T&C’s of your specific policy so the devil really is in the detail and the onus is on the homeowner to ensure that they have the right level of cover in place should they need to make a claim.
In the unfortunate event where you need to make a claim, contact Gullion Ltd Loss Assessors and Surveyors on 028 3082 8838. Regulated by the Central Bank of Ireland and authorised and regulated by the Financial Conduct Authority we will negotiate the best settlement on your behalf to ensure you achieve your full entitlement, under the terms and conditions of your policy. To reduce stress and streamline your claim, restoration works is an optional extra service which we also provide.
Gullion Ltd – you’re number one choice for insurance claims. For more, Gullion Ltd can also be found on Facebook, Google, YouTube and Twitter.