over-selling house insurance

jinjahman

I was shopping around for new mortgage and home/life insurance etc. in the last couple of weeks and was checking all my statements and renewal notices ...this may sound weird but just noticed that a house insurance policy I've had for the last 7 years had my contents insurance set at the very highest it could be (presently at approx. 130k) Thing is I definitely do not recall signing anything and if my wife and I decided then it was probably skimmed over and sold without a full explanation. my contents are a fraction of this. Do I have any comeback on this, i.e. should the bank/institution make amends or am I the fool because I didn't examine the relatively small print on the flip side of each renewal notice in the last 7 years? Bear in mind the policy document which is always promised in the renewal notice letter never contains any specific details. Just feel I've been conned into a higher premium and could have saved ca. €20-30 per month in that time. Any comments or shared experiences most welcome.

pow wow

Honestly I doubt you'd have any come back. The schedule presumably has shown the sum insured the entire time you've had it, and I'm sorry to say they'd look at it as your own 'stupidity' for not correcting it. On the up side, do you know if the policy was specifically rated on the sum insured? Sometimes policies just have a standard x thousand sum insured for a policy and you telling them it was too high would have gotten them to reduce it, but the premium may well have stayed the same.

jinjahman

The policy was specifically rated on 50 % of the building sum insured, e.g buildings(property) with accidental damage cover 250k; Contents with accidental damage cover for 125k. The value of the house has risen and so with it the premium for the 50% to insure. My contents have not appreciated in the same way!!:-(
The policy schedule/renewal notice I received each year stated the monthly premium only on page 1 and gave the 150k 'sum insured' overleaf, where of course I never turned over to look at properly. Only at my request did they send me the 'product range', i.e. from 15% up to 50% of the value of your house.

Btw, Thanks for your opinion

pow wow

No problem. Like I said you can always try it with them, but if the sum insured was on the back of the renewal notices then I wouldn't be holding my breath. You'll know for next time though!