The online space is, indeed, a good resource to have for sourcing correct information to do with financial vehicles, investment products and life, domestic and commercial insurance products. This article will be focusing on one niche area for now. And to help its readers, it will be endeavoring to assist them to properly define the house insurance cover commensurate with their domestic and personal circumstances. While the internet is a good resource, lines of information and even communication channels, intentionally or unintentionally, can be blurred.
Understandably, insurance carriers and their underwriters often advise clients by directly quoting jargonized language. To them, the language put forward is to the point and is safe as houses if you will. Clauses, inclusions and exclusions are quoted in full and upfront. This is the understanding in terms of disclosing as much information as possible as to how the client’s property will be covered. But on the side of the consumer, this is often misleading and confusing. Clients cannot be expected to understand insurance terminologies in the way that underwriters are supposed to.
And in many cases, the insurance agents and representatives that are mandated to assist insureds with correct advice fair no better. They often simply repeat what is stated on the insurance companies’ policies. This is tardiness at its worst. Fortunately, insurance companies and leading financial service providers licensed to offer advice and sell insurance products online, are simplifying policy wordings so that they may be best understood by the policy holders. This helps the agents as well. The legalities of doing so are also of benefit to clients.
Non-disclosure on both sides of the fence is gradually becoming a thing of the past. Also, when disputes and problematic queries do arise, clients are now able to take up matters with their local or national ombudsman. When insurance companies and their representatives are in breach of contract and ill-serve their clients in terms of correct and proper advice that is legible and understood, the ombudsman is legally able to rap the guilty parties over the knuckles and set in motion a process that allows the affected client to be put back in a position he or she was in before a loss or damages occurred, should that be the consequence of poorly worded or misunderstood contracts.
This article is a clear example of providing simplified detail. The reader should be able to appreciate that the insurance cover being highlighted here refers only to the house. And in saying that, the house refers solely to the building and not the contents therein. This has often been misunderstood by clients in the past. Contents cover, of course, is also always necessary. Finally, clients wishing to save as much money as possible whilst still enjoying full cover should be seeking out what can be termed full, comprehensive cover. This covers the house, its contents, the client’s motor car, as well as smaller items usually carried on their person during the day.