One of the reasons so many commit this crime is a failure to recognise it as an offence. It is a common held belief that home insurance companies make vast sums of money out of people's fear and misfortune, and it is therefore acceptable to, for example, claim for a bigger more expensive television, than the old stolen one.
However, insurance fraud is a serious offence, and an individual found guilty of is liable, upon conviction, to a maximum penalty of five years imprisonment. The same applies if you deliberately lie on any aspect of your original home insurance application to achieve a lower premium. For example, stating there are heavier duty locks in place for a cheaper quote is "obtaining a pecuniary advantage by deception", and again, is punishable by up to five years. More information
