Home insurance and valuables limit

chopravic

I have now found the comparision website, all it asks for is the sum insured, no where have I put down a valuables limit of £3500.

I think they have taken 10% of the sum insured £35000!

I feel that I have been stitched up, I have never been good with insurance or contracts!

hugoshavez

Very unusual for a valuables limit to be so low these days.

Do you actually have your policy schedule?

chopravic

Yes I do have the policy schedule and it does state £3500 for total valuables

hugoshavez

Has anyone visited your home on behalf of the insurer?

chopravic

The Loss Adjuster has visited and taken away the photos of the gold that has been stolen (old family pics where we were wearing them) and receipts for what I did have.

He advised that it was 50/50 if the insurance paid out because the minimum security was not met in the house.
:-

a) The backdoor did not have key operated security bolts top and bottom.
b) The kitchen window did not have a key operated window lock
c) The window above the conservatry did not have a key operated window lock.

However the theft took place via a window in the conservatary and it did have a key operated window lock, therefore he needed to refer back to the insurer for a decision.

I am still waiting for this and then expect the valuables limit to be pciked up as an issue.

Reading the FOS they advise that if the theft occurred through an entry point which did have the minimum security then theft proctection can not be taken away by an insurer, which is clearly the case so I don't see this as an issue.

The last thing he advised was that he would write a report to the insurer for a decision and would come back to us, he left me with an action plan to send an inventory of what was stolen.

hugoshavez

chopravic wrote: »

The Loss Adjuster has visited and taken away the photos of the gold that has been stolen (old family pics where we were wearing them) and receipts for what I did have.

He advised that it was 50/50 if the insurance paid out because the minimum security was not met in the house.
:-

a) The backdoor did not have key operated security bolts top and bottom.
b) The kitchen window did not have a key operated window lock
c) The window above the conservatry did not have a key operated window lock.

However the theft took place via a window in the conservatary and it did have a key operated window lock, therefore he needed to refer back to the insurer for a decision.

I am still waiting for this and then expect the valuables limit to be pciked up as an issue.

Reading the FOS they advise that if the theft occurred through an entry point which did have the minimum security then theft proctection can not be taken away by an insurer, which is clearly the case so I don't see this as an issue.

The last thing he advised was that he would write a report to the insurer for a decision and would come back to us, he left me with an action plan to send an inventory of what was stolen.

Right, from what you say the endorsement breach isn't material, so shouldn't defeat the claim. But don't expect them to offer renewal.

It sounds though like the possible outcomes are:

at best - settlement for valuables at £3.5k
at worst - voidance for underinsurance

Did the loss adjuster do a Value at Risk assessment with you? this'd involve estimating what the contents of each room would cost to replace.

chopravic

No report done, but i have calculated my contents including what the valuables would have been and estimate £50K. I have been generous.

In addition to the valuables a number of other items were stolen (laptops, ipods, ipads, kids game consoles) etc. these are not classed as valuables, therefore I assume these would be picked up under the normal contents cover (approx £5K for this portion of the claim)

Do I still have an argument on where the 3.5K limit came from given I did not put in down anywhere? If the broker has taken 10% of the sum insured from the quote then surely as they have given me 60,000 cover for total sum insured they should have offered 10% of £6000 as the limit?

As I really do believe I did not pay attention in the converation on tape.

Having checked my previous policies it looks like £5k and £7.5k from previous insurers, therefore why would I agree to lower cover now?

The property now complies with minimum security, a CCTV is now installed as well as a alarm with dialer to 8 people.

hugoshavez

It all seems a little strange to be honest.

You did a comparison and a few days later a new broker called you back with a lower quote than appeared on the site. Is that right?

If they confirmed the limit in the sales call and it appears as £3.5k on the schedule I'd say you've no chance of claiming more for valuables. What Axa offer their direct customers is of no relevance whatsoever.

chopravic

Nope, it was the same broker that appeared on the site, I checked today.

why give me more contents/buildings cover above what i requested on the website but then only offer £3.5k for valuables, this figure is 10% exactly of what I had put in for the contents sum insured?

I also have £1500 all risks unspecified cover, can this be used at all for the theft from the home?

hugoshavez

Depends on the policy wording, got a link to the one in place?