Read time: 1 mins
Betterment and other insurance jargon
Published November 15, 2013
I read recently about an insurance claim which had been rejected by the insurer because the couple involved asked for repairs which could be classed as improvements.
According to an article in the Basildon Echo, the work was needed after a flash flood hit the house earlier this year. The problem arose because the builder’s quote was far higher than the insurer’s offer to cover what it regarded as the damage caused by the flood.
Insurance terms explained
This rejection comes under the banner of ‘betterment’, which is one of many bits of jargon you might come across if you need to make an insurance claim. We explain these elsewhere on our website in our section Insurance Terms Explained.
We define betterment as “When a policyholder decides to replace a lost or damaged item with something that is ‘better’. The policyholder is responsible for the difference between the original item’s value and the cost of the new item”. This can also be applied to improvements to your home, which is why the Essex couple are facing problems.
This is one of the areas we deal with all the time on behalf of our clients. I hope that this particular case is settled to everyone’s satisfaction.
Can we help you with your claim?
Please complete these three basic steps so we can offer you advice based on the claim you are having to make and if it is something we are able to assist you further with.
Get StartedRelated Posts
December 2024
Flooding in the UK: Past, present, and future
With sea levels rising because of climate change, and the weather becoming more extreme and erratic, the threat of flooding in the UK is ever-increasing. The following information has been compiled to shed light on the threat of flooding in the UK and what the future may hold. Key flooding statistics One in six properties...
Read MoreDecember 2020
How to protect your business over the Christmas holiday
With the holidays approaching, we are all looking forward to some extended time away from work. Unfortunately, that time away can put your business premises at higher risk of theft, fire, flooding and other devastating incidents. Here is how to protect your business over the Christmas holiday while it’s receiving less attention from you and...
Read MoreNovember 2020
5 things to do at the beginning of an insurance claim
Having sufficient home insurance will go a long way in helping you get back on track after a fire, flood or other loss in your home. However, the steps you take – or don’t take – at the beginning of your claim can affect how smoothly the claim goes and whether you receive the full...
Read MoreWe are authorised & regulated by the Financial Conduct Authority (FCA)
This means our clients are protected. You can trust the professionals managing your claim as we are regulated to the FCA’s strict standards and codes of conduct.
Authorised & Regulated by the Financial Conduct Authority
Reference Number 309575