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Reasons why your insurance won’t pay out

Here are a few reasons why your insurance company won’t pay your (full) claim:

You need to disclose all previous claims you might’ve made. Not informing your insurance company about it may result in your claim not being paid out.

You were not honest about previous claims in your insurance policy. You need to disclose all previous claims you might’ve made. Not informing your insurance company about it may result in your claim not being paid out.

Your insured items were not specified correctly.

You did not comply with building or maintenance regulations. Remember that you need to disclose every form of maintenance or construction done in and around your property. If these do not comply with regulations, or if they are not updated in your policy, your insurance will not pay out.

You were not covered for the actual claim you’re making. Be certain that what you’re claiming from your insurance company is actually what you’re covered for based on your insurance policy contract.

Damages (or theft) due to negligence. Remember, that you will not be covered for damages (or theft) due to negligence. If your personal belongings gradually deteriorate over time, to a point where these are no longer useable, your insurance will not cover this.

You’re either under or over insured. Your home (or what’s in it) needs to be insured for the replacement value and not for the market value. Insuring your home (or what’s in it) for a lower or higher value, will result in you only receiving a portion back of the damages you claim. It is therefore very important that you insure your property for the correct value.

You did not disclose that you work from home. Most people conveniently work from home – something which should be mentioned to your insurance company. Should any form of equipment, documents or electronics be stolen from your home, your insurance company will not pay because you did not disclose this important fact.

You do not have proof that you bought and owned an item that you’re claiming insurance for. Always keep your proof of purchase when acquiring an expensive item. Take a photo of the item and make a scanned copy of your proof of purchase and store it in a folder which is situated in a safe place.

You did not comply with the security requirements. Burglary or theft claims are often rejected if you did not comply with the security requirements as stipulated in the policy such as: the alarm system being properly installed and linked; the alarm systems being in a good working condition; the alarm system activated if no one is on the property; the alarm system should not be removed without notifying the security company.

How to save on your insurance

Things to consider and remember when looking at renter’s insurance