Monday, 18 February 2019

Britons risk ‘voiding’ their home insurance

Britons risk ‘voiding’ their home insurance

MORE than half of Britons have committed actions or omissions that void their home insurance — despite knowing it could leave them unprotected in the event of a burglary or other incident.

Leaving windows open in the house is the number one clause-breaker according to a new report from price comparison website MoneySuperMarket.

This reveals that in the case of motorists, many let others drive their car without the proper insurance.

When it comes to the list of seemingly minor misdemeanours that Brits knowingly commit, more than a tenth (13 per cent) of Brits admit to moving jobs without telling their car insurer of the change, despite half of those surveyed (46 per cent) being aware that it could void their insurance.

Updating this information is important as it can affect the way car insurance premiums are calculated, with some occupations being deemed more of a risk.

MoneySuperMarket research from earlier this year found that “students” without jobs who list themselves as “unemployed” can add 51 per cent to their premium – costing them a huge £6,772.

A further five per cent of Brits have also started a home business without informing their home insurer, despite more than half (55 per cent) being aware that it could void their insurance.

From storing stock and selling clothes on eBay, to hosting beauty business parties at home, these
set-ups could invalidate insurance policies.

While more than half (56 per cent) are aware that leaving their windows open will void their home insurance, a third (34 per cent) still knowingly put themselves at risk by doing so.

Half of those surveyed (50 per cent) are aware that letting someone else drive their car is a violation of car insurance, yet a third (31 per cent) are still willing to take the risk.

As Brits prepare to host family and friends for the Christmas festivities, the research reveals that one in 10 (nine per cent) have renovated their homes and not informed their insurers, despite a quarter (26 per cent) of those surveyed knowing that it could void their insurance.

The younger generation is most willing to take risks, with three quarters (76 per cent) of 25- to 34-year-olds committing offences that could infringe upon car insurance terms and conditions.

The majority (80 per cent) have knowingly voided their home insurance, including failing to turn on the burglar alarm when leaving their property (34 per cent).

On the flipside, older generations are most likely to play by the rules, with over-55s committing the fewest car insurance violations (46 per cent) and 45- to 54-year-olds committing the fewest home insurance infringements (53 per cent). The most common insurance violations are as follows:

• Leaving windows open when leaving the house (34 per cent)

• Letting other people drive your car (31 per cent)

• Leaving the door unlocked when leaving the house (21 per cent)

• Failing to turn on the burglar alarm when leaving the house (17 per cent)

• Driving with a pet on the seat unrestrained (17 per cent)

• Changing jobs and not informing your car insurer (13 per cent)

MoneySuperMarket editor-in-chief Tom Flack said: “What may seem like a trivial action, such as not informing your insurer when you change jobs, may result in your insurance being voided, meaning that if something goes wrong, your claim won’t be paid.

“This could leave people with a huge potential loss if their house is burgled or they are in a car accident. Make sure you’ve got the insurance cover that best suits your needs and regularly shop around for the best deal.”

For more information and to find out the best insurance policy for you, visit www.moneysuper
market.com

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