Checklist for What's in your Insurance Policy

Your insurance policy is an important document. Check it out thoroughly so that it clearly sets out your understanding of the situation and the amount of cover you have asked for.

Some other points you should check include:

  • Check what is covered.

  • Check what is not covered.

  • Check when the protection starts and when it ends.

  • Read the date when the policy needs to be renewed.

  • Make sure the policy remains valid at all times.

  • Check if you have to pay any part of costs yourself – for example, with car insurance you have excess and this will also apply to some other insurance.

  • Be clear on how you can make claims when necessary.

  • Find out what the payout will be if you want to surrender your policy at any time (if it is that type of policy).

  • See if the policy gives the insurance company the right to replace the goods, rather than pay out cash for them.

  • See whether the policy will replace goods new, or whether they will pay out a price on the depreciated value.

  • In every case, make sure you do a full investigation of the policies available from a number of companies and then make your decision after you have assessed the benefits and the costs of each.

  • Complaints regarding insurance. If you have any complaints regarding your insurance you have access to the Insurance and Savings Ombudsman who will see if a resolution can be arrived at.

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