Top reasons why home insurance policies get voided
One of the worst things that can happen to anyone with a home insurance policy is for this to be voided by the company providing it, as this will generally mean the loss of all the money that has been paid in premiums up to that point as well as the loss of the protection offered by the policy itself. There are a few different reasons why a home insurance policy could end up being voided, and most of these should be avoidable by exercising common sense.
Damage caused deliberately
Most home insurance policies will cover the policy holder in the event of damage to the property, but this does not include damage caused by the owner. Should you cause damage to the home and then attempt to claim against your policy this will effectively be regarded as attempted fraud and will certainly lead to your policy being voided by your insurance provider.
Again, a good home insurance policy will provide you with protection in the event of your possession either being stolen or damaged, but you will be expected to provide some evidence – such as receipts – for any items that you are claiming for. Thus it is advisable to save receipts – especially for larger more expensive items – as should you try to claim for these types of items without any evidence of having owned them, this is likely to make your insurance company suspicious and could lead to the cancelling of your policy.
While this may sound strange, given that the point of an insurance policy is to provide you with cover should you need to claim, if you make regular claims against your policy, this can lead to the insurance provider cancelling the claim on the grounds of negligence – even if there is nothing suspicious about the claims. Thus exercising reasonable diligence in protecting your home and contents makes sense.
Make sure to have a close look at the terms and conditions of your insurance policy and keep up to date with it. If you use a local trustworthy company such as endsleigh you can be sure to get the best service, as they have a Feefo score of 96% from October 2012 based on 997 customer reviews.
Mike Howards has a degree in finance from Manchester University and currently works as a freelance writer for several online magazines, mainly in the UK. He specialises in accountancy but also has a weak point for personal finance and insurance.