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Daily Insurance Industry News
Thursday 18th of January 2018
August 25, 2010

ABI issues tips for buying insurance

by Richard Kilner

Story link: ABI issues tips for buying insurance

The Association of British Insurers (ABI) has published its top tips and myths guide for 2010 for those buying insurance.

Acting Director General Maggie Craig emphasised the importance of proper insurance, and encouraged people not to be under-insured or not insured at all in a bid to save money.

First of the top tips is to fully disclose all relevant information, including medical problems and the like.

Failure to be fully honest at the start of the insuring process can lead to serious issues when the time comes to make a claim.

When taking out home insurance the level of coverage must be dictated by the cost of rebuilding, not the market value of the property, and home improvements ought to be included in home insurance valuations.

Contents cover should be updated as and when the contents of a home are changed (such as buying expensive widescreen televisions), to make sure coverage is appropriate for the goods involved.

Life insurance premiums will remain constant after the policy is taken out (provided you are entirely honest at this time), unlike motor or home insurance which can see premiums vary.

 

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