Home Insurance Mis-Selling – Could You Be Caught In the Crossfire

The payment protection insurance scandal of mis-selling has hit the UK market hard — but new reports indicate that the worst isn’t quite over yet. Indeed, the UK market might be in for another scandal of insurance, this time in the home insurance filed. The idea of having home protection insurance to cover unemployment, sickness, and even death isn’t new. A lot of insurance companies have been offering that type of insurance cover for a very long time. However, some people are concerned that if one area of insurance is compromised, doesn’t that mean all of them could be compromised? It’s a subject that chills many, given how much home insurance premiums are.

There’s no true cause for panic just yet, but if you’re trying to stay ahead on the issues, there are a few things that you might want to do.

First and foremost, you will want to make sure that you are contacting your insurance company directly. Phone is good, but what you will really want to do is make sure that you write a solid letter outlining your need to know your policy is sound. If you do not qualify for the home insurance in the first place and it was sold to you anyway, then you have grounds for mis-selling. If you felt that the terms weren’t explained to you properly, then you might have a case there as well. If you are just buying a home, make sure that you slow the sales agent down enough to have these things explained to you. Far too often the excitement of getting a new property means that we don’t always check into everything the way that we’re actually supposed to do so. That’s going to make things very difficult for you in the long term, when you really have to ensure that everything is in its proper place. You really don’t want to find yourself stressed out about all of the details, do you?

From here, you will definitely want to contact a solicitor if you find that you really are the victim of mis-selling. This is a step that should be taken only after you have done all of the possible research in the world. When a solicitor is involved, it can make things very, very difficult in the long run. Insurance companies know that they really have to come at you in a different way, and often it’s going to be a much more aggressive way. Keep up your guard, do your research, and make sure that you stand your ground if you have a valid case. Your solicitor should also be able to give you sound legal advice that’s more specific to your situation.

Overall, it might sound like this is all a big nothing, or it could actually be the biggest scandal since the PPI debacle first broke out. All homeowners in the UK can do is to stay vigilant and make sure that they truly understand the financial products they are offered — including home insurance!