Many homeowners make the mistake of insuring their homes for the market value, not the replacement value.
In this weekly segment of bite-sized chunks of useful information, consumer journalist Wendy Knowler summarises news you can use:Always keep in mind that the price you pay for goods includes after-sales service — that means complying with the Consumer Protection Act should a product fail within six months, as well as the retailer’s own voluntary returns policy with respect to taking back non-defective goods.
He put all the globes back into their boxes and returned them to the store for a refund. “The refund department point blank refused to refund me and one of the store managers said the warranty on the globes was only seven days. He said the Consumer Protection Act did not concern him.” I look forward to tackling the retailer on that, but in the meantime let this tale serve as a warning not to assume that a retailer understands and complies with the Consumer Protection Act’s section 56, which covers the consumer’s right to return defective goods within six months of purchase for their choice of a refund, replacement or repair. Quiz the staff in store or check out their returns policies online before giving them your custom.
Most insurers won’t ask any questions about the value stated on your homeowners or building insurance, or your possessions, when you take out the policy, so you can’t expect the company to do anything other than insure your home for the value you supply.
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