One such small print issue is the statutory cooling off period. If you change your mind and wish to cancel your insurance, this is the period of time in which you can do so without any manner of financial penalty. This is something you need to be aware of.

You should always make sure you are 100% committed before you sign on the dotted line but if you want to cancel for any reason, you have between 5 and 30 days in which to do so without charge. It varies from firm to firm and the laws are very complicated in this area. There are five different laws that govern this period of time and you need to be very aware of each company’s policy before you agree to their terms and conditions.

Everything that may come under your insurance may be subject to an extra term, condition or clause in the small print. You may not even think it’s important but it’s sure to be in there somewhere. Car hire turns up in travel insurance small print and this is one of the worst types of insurance in terms of its extra conditions.

Leaving your windows open can nullify your home insurance and parking your car on the street if you have a garage can even ruin your car insurance claims. There are clauses all over the place and you must read your policy very careful. Be sure to do this well before the statutory cooling off period or else you could incur a financial penalty as a result.

Insurance firms will try as much as they legally can to avoid paying out on their claims. If you are unsure then by all means, get them to clarify and always read the small print.

If you are taking out car insurance, you need to be open about your past experiences. This will include any previous convictions or driving offences as well as claims made in the past. You may think that all of this is a little superfluous but the insurance firm must assess their likelihood of you making a claim on the policy they offer.

All modifications and performance enhancers should also be declared when buying car insurance and all other details should be filled in with 100% accuracy.

As far as health and travel insurance are concerned, all health details that may be of any concern, no matter how slight, must be declared. Even though this may result in higher premiums, you cannot lie about underlying health issues that may arise in the future. You must give them all the information they are asking for and this often includes conditions that run in your family.

Home insurance tends to be affected more by location and type of house but make sure you mention all safety features that you have installed as this may keep your premiums down.

You have to declare anything that the insurance firm asks you. If you fail to do this then you could easily make yourself liable for fraud, if you knowingly lied, or otherwise the insurance firm will simply not pay up. Insurance firms will try as much as they can to avoid paying out and thus you really have to be as honest as possible. Don’t give them any reason to withhold your claims. If in doubt, I would suggest you ring your insurance firm and let them know anyway, if you take this line then you will not be the one to pay the consequences.