Don’t be Caught out by Home Insurance Exclusions
Home emergencies can happen at any time – usually at the worst possible time. But that’s what insurance is for, right? Not necessarily.
If you’ve never taken the time to read through your policy’s exclusions, you may be left high and dry the next time an emergency happens. Unfortunately, most policy holders have no idea that these exclusions exist until it’s too late.
Exclusions Apply – Read the Fine Print for Details
Many homeowners purchase “complete” cover with the assumption that everything is covered. Insurance companies advertise these policies as the best cover, but when you take a closer look, you’ll often find that these policies are not as “complete” as advertised.
With some policies, plumbing insurance doesn’t actually cover showers. Some heating cover didn’t include boilers that are over a certain age.
Some insurance companies won’t even cover the cost of damage to surfaces or decor damaged by their technicians.
If there’s one lesson to be learned from all this, it’s that you should always read your policy carefully and the exclusions.
Delay, Delay, Delay – That’s the Name of the Game
Aside from exclusions, another common complaint among policy holders is that engineers often delay appointments and repairs. Providers may cite bad weather, public transport issues or other unspecified problems for delays, which prevents them from reaching customers quickly.
Damage left to sit for days can get progressively worse. A broken heating system can be dangerous or life-threatening for elderly homeowners in the cold winter months.
Some policies do not offer service on weekends, which could leave you high and dry for several days.
The moral of the story here is to always read every last detail of your policy to ensure that you understand the exclusions and possible delays. Another tip: keep an emergency fund on the side just in case your insurance does not cover the cost of a repair.