Submitted on Sunday 21st April 2013
Published on Monday 22nd April 2013
Current status: Closed
Closed: Tuesday 22nd April 2014
Signatures: 2
Tighter regulation on "Condition of Average" clauses in Contents Insurance Contracts
The action I would like the government to take is to introduce measures they see fit to amend laws/regulations regarding the "condition of average" clause (and similar clauses) in home contents insurance contracts to prevent it reducing claims unless the homeowner is better informed of the presence of the clause and when it is applied.
The effect of this clause is expalined in this Wikipedia link
http://en.wikipedia.org/wiki/Condition_of_average.
It is very hard for the average homeowner to value correctly there insurace contents. Expecially as most policies are new for old and require replacemmet valuations for nearly all items not even price paid valuations.
This makes the use of these clauses in my opinion unfair as the buyer is not really understanding the cover they would recieve in the event of a claim and is most likey to think they are fully covered up to the value they have insured for.
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