Credit reference agencies don’t make lending decisions, thats up to lenders themselves. Lenders will check the information within your report along with other information such as items from your application and they will come up with their own score which is totally independent of the score you are given by the credit reference agencies. Getting a low score from a credit reference agency does not necessarily mean you won’t get a mortgage and getting a high score from a credit reference agency does not necessarily mean you will get a mortgage.
More than one in five home insurance claims is unsuccessful owing, in part, to the complexity of policies.
Confusion about what is covered by insurance policies is one of the reasons that policyholders fail to receive a payout.
Wear and tear, as well as damage caused by a lack of maintenance in homes are also key reasons for claims being rejected, an insurers group said.
In contrast, 99% of motor insurance claims result in a payout.
The Association of British Insurers (ABI) has published the industry-wide figures for the first time, after analysis of claims made during 2013 and 2014.
The success rate figures are based on 6.9 million claims handed by 19 insurers, including 4.3 million motor insurance claims, 1.8 million home insurance claims, and 800,000 travel insurance claims.
The analysis showed that 79% of home insurance policyholders who made a claim were successful, receiving a typical payout of £2,520.
Of those whose claims were turned down, some made claims that were valued below the policy excess and others had bought the wrong kind of cover. Many home insurance policies have add-ons that cover certain eventualities, but add extra complexity to renewals.
Many were denied due to a failure to maintain their property. For example, roof damage caused by a storm that affects numerous homes in an area is likely to be successful. Roof damage caused because previous faults had been left without the homeowner's attention were less likely to succeed, the ABI said.
Policies were designed to cover "sudden, unexpected and accidental" events, an AB spokesman said.
Travel insurance claims recorded a success rate of 87%, the ABI said, with an average payout of £884.
Reasons for rejection include failure to declare a pre-existing medical condition and failure to prove that belongings have been lost.
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