Under-insurance 'a costly mistake for Brits'

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Under-insurance 'a costly mistake for Brits'

Many UK property owners could be getting hit in the pocket when trying to make a home insurance claim, as they did not understand the policy when they took it out.

Research carried out by Santander revealed just 40 per cent of those who take out cover read their home insurance agreement in full.

This means that for many, when they attempt to make a claim for accidental damage or theft they get a shock that they are not actually covered.

Colin Greenhill, director of Santander Insurance, said: "While customers obviously want good value from their home insurance, the best value policy is the one that actually provides comprehensive cover when things go wrong."

The news follows comments from Malcolm Tarling, a spokesman for the Association of British Insurers, who recently argued people also need to be aware of whether their home insurance deal covers them for the loss or damage to property outside the home, something which not all policies do.

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