Insurer pays £3,000 more than they had to!
A good news story and one that shows that insurance companies do have a generous side.
Earlier in the year one of my clients reviewed their sum insured for jewellery on their home insurance policy, reducing it from £19,000 to £7,300 as they only had one expensive ring and a few items of costume jewellery.
You’ve guessed it – Six months later, the ring was lost when they were away for the weekend. Fortunately, they still had the original paperwork from the jeweller so went back to get a price to have another ring made to the same specification. They were told that what had cost £5,000 a few years ago would now cost £10,500!!
Being insured for £7,300, they were left with either having to accept a lower quality replacement costing less or having to contribute £3,200 themselves.
Insurer to the Rescue!
Oak Underwriting (part of Royal Sun Alliance) had sympathy for the insured believing they had genuinely not realised how much gold and jewellery prices had increased.
So the insurance company increased the policy limit back to £19,000 (at no cost) enabling them to pay the full £10,500 bill instead of £7,300.
So hats off to Oak Underwriting for great customer service!
Not all insurers are this generous – if you have jewellery and watches, make sure you review the sums insured on your policy.