Your money: Are you covered?
The People's Friend|September 03, 2022
Honesty is the best policy when buying insurance, says award-winning journalist Stephanie Hawthorne
Stephanie Hawthorne
Your money: Are you covered?

THERE is nothing like the satisfaction that comes from completing all those bothersome household chores like mopping the kitchen floor.

Even more so for complex financial matters such as sorting out life, health, home and car insurance.

Having such protection provides peace of mind that, should the worst happen, you will be protected.

Eight times out of 10 this but take care. If is true you give your insurers inaccurate information or forget to tell them something important, they may not pay out. You could lose tens of thousands of pounds in compensation.

Insurance contracts used to be valid only if they were made in the utmost good faith or with uberrimae fidei.

Thankfully, Latin has long gone from the law, and insurers are less rigid too.

The Consumer Insurance Act 2012 gives you legal protection if you unknowingly give incorrect or incomplete information to your insurer.

They can no longer decline a claim simply on the grounds of nondisclosure, unless you carelessly or deliberately lied or misrepresented your circumstances.

Most still take a tough line. If you don't tell your insurer that you have taken a lodger, or you have builders on site and botched up your DIY, that could negate a claim.

Even if you are forgetful and leave a window open in bad weather, rget to lock a door while you nip out to the shops or fail to attend to repairs or treat an invasion of pests in a timely fashion -these may all count against you.

Leaving keys under the door mat or even with neighbours may vitiate any claims.

Similarly, posting holiday snaps on social media while you are away is ill advised.

Watch out for exclusion clauses your cover may not include damage to frozen food in a power cut.

Often, you may have a "new for old policy". Here, a used item will be replaced with a new item.

This story is from the September 03, 2022 edition of The People's Friend.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the September 03, 2022 edition of The People's Friend.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE PEOPLE'S FRIENDView All
It captured everyone's imagination
The People's Friend

It captured everyone's imagination

A letter penned in 1897 by a Sunderland choirboy has inspired an origami quilt of memories. Bill Gibb finds out more.

time-read
2 mins  |
February 25, 2023
The UK has amazing marine life
The People's Friend

The UK has amazing marine life

Bill Gibb looks at the work of the British Divers Marine Life Rescue as they celebrate their 35th year.

time-read
4 mins  |
February 25, 2023
It's About Time
The People's Friend

It's About Time

Retirement was supposed to be a fresh start for Caroline, if only she could get a moment's peace!

time-read
7 mins  |
February 25, 2023
A Breath Of Country Air
The People's Friend

A Breath Of Country Air

Renowned nature writer Polly Pullar takes a lighthearted look at rural life.

time-read
3 mins  |
February 25, 2023
A Test Of Courage
The People's Friend

A Test Of Courage

Yasmin’s dad needed her but could she reveal her secret project?

time-read
10+ mins  |
February 25, 2023
We Work Together
The People's Friend

We Work Together

Office life just wouldn’t be the same without Ethan...

time-read
7 mins  |
February 25, 2023
The Art Of Laughter
The People's Friend

The Art Of Laughter

Gillian Thornton visits Hampshire to enjoy the artistic talents of cartoonist Norman Thelwell in his centenary year.

time-read
3 mins  |
February 25, 2023
Life After Linda
The People's Friend

Life After Linda

It was just Dan and his father now and they needed time to adjust...

time-read
7 mins  |
February 25, 2023
ES! There in the corner are the speakers
The People's Friend

ES! There in the corner are the speakers

In her weekly column, Maddie Grigg shares tales from her life in rural Dorset...

time-read
2 mins  |
February 25, 2023
Lovely Glen Lochay
The People's Friend

Lovely Glen Lochay

Willie Shand braves the cold temperatures to enjoy a Stroll near Killin in Perthshire.

time-read
6 mins  |
February 25, 2023