MIKE COADY

Financial Expert | Business Excellence | Growth Expert
Mike is an award winning financial expert and a well-known leader in the financial industry. Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended. In addition, Mike is qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), and a Fellow of the Institute of Directors (FIoD).
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Posting on social media can destroy your claim on insurance

Mike CoadyBusiness Advice Posting on social media can destroy your claim on insurance
social media insurance

Posting on social media can destroy your claim on insurance

Insurers are making holidaymakers aware that if they post on social media announcing they are abroad it could invalidate their home insurance.

 
We are seeing insurance companies increasingly rejecting claims made by clients whom have been burgled whilst away on holiday if they have published on social media that they are away from their homes and on holiday.

The Financial Ombudsman in the UK have issued warnings with regards to publishing on social media while on holiday, allowing potential burglars to find out that their homes are empty.

How is this done?

Insurance firms have a clause within majority of contracts that requires clients to be “reasonably careful” with regards to keeping their property safe and secure.

Some insurers have declined claims on the basis of “breach of the policy” because clients have not taken precautions and have posted on social media channels that they are away.

This is applied to celebrities as well, as John Terry fell victim of a burglary a few years back after sharing on social media that he was away with family on a skiing holiday.

Do we believe there is a link or is it pure coincidence?

According to research – there’s a link, and a 5-pointer guide was issued by the financial ombudsman to avoid this from happening:

  • Make sure your profile is locked and private at all times
  • Unfriend anyone that is not a true or trusted person/friend/relative from your social media channels.
  • Switch off your location settings/services
  • Do a search on yourself to make sure no personal information has been revealed by anybody else
  • Remove any personal details from your personal pages, such as house, number, etc.

It appears that criminals have used social media channels to track their victims movements and whereabouts.

Be careful what images your post, captions your write and locations you check in.

Instead of posting while away on your holidays, post when you are back and have the reassurance that your home is safe and secure, and your home insurer is happy and still applicable.

As an expat expert, I am on hand to help with all of the above and more.

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Mike Coady is an award-winning financial expert and a well-known leader in the financial industry.

Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.

Mike is qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), and a Fellow of the Institute of Directors (FIoD).

Blog published by Mike Coady

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