Many people fall into the trap of sticking with the same home insurance provider year-in and year-out. If you do, you could be losing out in a big way.
Not only might the cost of your policy premiums have been steadily climbing with the rate of inflation, or more, but your cover could be insufficient if you’ve moved to a new home, made building additions to your property or acquired more in the way of valuable possessions.
How should you check whether your policy is the best one?
But how do you know if your policy is still the right one for your needs? What should you be asking yourself and your cover provider to decide?
Considerations when comparing cover
There are a number of crucial policy elements to consider:
Don’t simply stick with the same policy provider every year. Make sure you shop around as it could save you thousands in the long run. There’s no real excuse! It’s quick and easy to search online or to call an expert insurance broker.
Re-building your home
The cost of re-building your home could now be more than when you first took out your policy, and the level of cover therefore insufficient. This could be the case if you’ve moved home, perhaps to a bigger property, or it may be simply that building materials and costs have gone up.
The total value of your belongings may have risen beyond your specified policy limits; you may have inherited valuable family jewellery, or perhaps have more gadgets around such as expensive laptops and digital cameras. Add up how much it would cost to replace all the items you want covered; you might be surprised what it comes to (in a recent survey, one in four people underestimated the value of their possessions).
Double check that you’ve given the right information about home security, such as alarms or window and door locks. Many people say they’ve got secure window locks when they haven’t; old sash window ‘locks’, for example, don’t count as locks in the eyes of an insurer. This is a common mistake made by those who’ve moved home.
Individually insured items
More valuable items may need to be specified separately in a policy. If you’ve bought an item such as an expensive bicycle, guitar or watch, but haven’t told your insurer, it may invalidate a future claim.
Away from home cover
You might carry one or more gadgets around outside your home, or perhaps wear jewellery and take other valuable personal possessions with you more so than in previous years. If so, check that your policy covers you, as not all will.
The price of gold and silver has rocketed in recent years and it might be that the last valuation on any valuable jewellery you own is out of date. You need to check and update your insurer if this is the case.
Keeping items safe
It could be a requirement of your policy that certain particularly valuable individual items are kept in a secure place. If you think it’s going to be hard for you to do this, you should consider changing your policy.
Our customers are at the heart of everything we do, so we have a team of experts with a real passion for making sure people get the cover that’s right for them. For more information speak to one of our experts on 0203 014 9300 or email firstname.lastname@example.org