There are many reasons why you need to take out insurance. It could be for personal, household goods or buildings. It could be that you require construction insurance or perhaps you need to insure your home while you renovate. Whatever the reason, there are many options and many pitfalls.

To avoid costly financial disasters and enjoy a worry-free insurance life, we’ve put together a list of what you should never do. 

1. Tell the truth

First and foremost, never lie, conceal, misconstrue or misrepresent anything you are asked in the form filling or information providing process when you take out insurance. This is a cardinal sin and could result in your claim being rejected or your policy being voided.

2. Don’t underinsure

Don’t be tempted to underinsure. Intentionally reducing your sums insured on a policy like construction insurance, to keep the premium low, will inevitably backfire when you come to make a claim. It is most likely you will not be fully reimbursed for your loss, as the insurance loss adjuster will quickly discover that you are underinsured.

3. Cheaper isn’t always better

If you go for the cheapest premium, you leave yourself open to possible gaps in cover. This might leave you out of pocket or nursing financial losses should you need to make a claim. Always insure wisely. Do your homework and make sure you’re adequately covered for any eventuality.

4. Check your policies carefully

Always check and read through your policy documents. You must acquaint yourself with your responsibilities regarding your insurance cover. Most policies come with conditions, clauses, warranties and excesses. Know them. Read the fine print. This will give you the opportunity to double check that you have the correct cover and ensure that there are no mistakes.

5. Declare your claims history

When asked for your claim history, it is very important that you declare it to your best knowledge. A forgotten claim may lead to your insurer withdrawing cover at a time when you need it most.

6. Be careful with online insurance

Online insurance for something like site insurance may seem like a good idea. However, it is very easy to put in the wrong information. Small errors or omissions could invalidate your insurance policy and put you out of business.

7. Don’t be afraid to ask questions

If you don’t understand something in your policy or would like clarity on a particular clause, ask your insurance provider. Saying “I wasn’t aware of…” or “I didn’t know what that meant…” is a disaster when it comes to insurance.

At Titan Insurance, we’re here to help you get the best cover to meet your particular needs and budget. With over 30 years’ experience in insuring everything from commercial to personal and business, we have the knowledge to help and guide you. Call us on 0207 731 3700 or send us an email.