Your home is where you hold your most precious possessions and can relax and be yourself, so it makes sense that we protect that with home and contents insurance.
Although home insurance can’t fix everything were the worst to happen, it will be able to give you financial protection and give you peace of mind that help is available to you.
Many of us choose a home insurance policy and just stick with it, even when it comes time for renewal, but it is so important to review your policy regularly to ensure that you are getting the best deal with the right level of cover. Here are 5 reasons to review your home insurance right now:
5 Reasons to Review Your Home Insurance Right Now
One of the best reasons to review your home insurance is to ensure you are paying only as much as the cover is worth. 6 million UK homes are currently overpaying for their home insurance.
It’s never a bad time to look for home insurance quotes from other insurance companies. It’s easier now than ever to go online or pick up the phone to check with us that you’ve got the right coverage for the right price. You may find that you could be paying less for the same amount of cover, or even be getting a better level of cover for the same price you are paying now.
It is also important to review your home insurance policy to check that you have the right cover in place. Home insurance is available as buildings insurance, contents insurance, or as a comprehensive plan that includes both.
Buildings insurance covers the structural elements of your property, such as floors, walls, and fixtures and fittings. If your home were to incur significant fire or flood damage, buildings insurance would cover the costs of any repairs that need to be made. You should not be paying for this if you rent your home.
Contents insurance covers the possessions actually in your home, whether that be furniture, artwork, valuable jewellery, or electronic devices, the list goes on. The exact items covered within your home insurance will depend on your individual policy, so it is important to look over your policy to ensure that is covers everything you need it to.
This type of insurance will also cover your home against fire and theft, either paying out to replace the items you have lost or giving you the market value of the lost items. Everyone should have at least a basic level of contents insurance.
Even at the most basic level, your insurance should cover you for fire and smoke damage, flooding, weather damage, explosions, and criminal damage. Flooding is the most common claim (30%), so double-check the fine print.
3. Changes to Assets or Circumstances
It is vital to review your home insurance policy if you have undergone any changes to your personal circumstances or assets. If you do not tell your insurance provider about all relevant changes, it could cause your policy to become invalid, and your home will no longer be covered.
Changes that your insurance provider need to be notified about include:
• renting out a room/taking in a lodger
• leaving your home unoccupied for 60 days or more
• marital status
• building works, i.e., extension, loft conversion – this is likely to add value to your home and therefore would cost more to rebuild
• acquiring a valuable item – may need to be listed separately if it exceeds the ‘single item limit.’
• working from home – you may be covered for business use and business equipment, or you may need to add this to your policy
Don’t overlook the fact that the contents of your home would cost thousands of pounds to replace, and decide not to worry about this. The average home contains £35,000 worth of possessions, and that’s a cost you’ll regret covering yourself just for the sake of an hour reviewing your home insurance once a year!
Even if you have had no problems with them up till now, it is a good idea to review your insurance provider, not just your home insurance policy. Double-check what additional fees you may be charged and glance at reviews online. You may decide to switch if there’s been a sudden burst of negative reviews over the past few months that may reflect negative changes within the company.
5. Not Being On Top of It Puts You at Risk
So here’s why you should review your home insurance right now. (Besides the fact that it’s on your mind, and you’re looking for excuses not to do so!) Simply, no one should have to go along in life fearful of a financial disaster. Many people believe that having your home destroyed in a fire or disaster is one of the most distressing things after losing a loved one, and it will be a load off your mind knowing you are 100% covered for any event.
No one wants to think of the worst-case scenario, but it does happen, and the relief of knowing you can pick up the phone and get the support you need in such a devastating time cannot be underestimated.
Although it might take you some time to read through your home insurance policy (and, let’s face it, it won’t be the most exciting thing you’ve ever read!), it is so important to review your home insurance policy so that you know exactly what you are paying for, what your policy covers, and what additional cover you may need should your circumstances change.
If you would like to find out more about home insurance and what we have to offer, click here. Otherwise, call us today on 0161 537 0555 to chat with one of our friendly experts who will be able to answer any of your questions regarding our services and your current policy.