It doesn't matter if you are buying a new property or have lived in it for years, when you need to sort out your Home Insurance it can be confusing for all of us. With this in mind we've put together some vital information to help you out, as well as some hints and tips on what to look for.
This type of Home Insurance covers the bricks and mortar of your pride and joy. In the event of an issue occurring the structure of your property will be repaired or rebuilt up to the value you are covered for, meaning that full or partial rebuilding costs are all covered should the worst happen. Look out for coverage for lots of occurrences and consider the local environment such as trees. Every policy will vary in its approach so make sure you get what you need.
This insurance will not cover any fixtures and fittings, or personal possessions. Also, it is worth bearing in mind that the cost to rebuild your home is not the same as the current market value, so make sure you don't under or overpay for the cover you need.
New Owners — You will need buildings insurance in place when exchanging contracts on a new property. Your solicitor will ask to see these before you can move into your new home.
Existing Owners — Many mortgage companies insist that buildings cover is in place to protect your investment, so you will need to make sure adequate cover is in place.
Renting — You do not need to worry about buildings cover as your landlord will cover this for you.
Protection for your home contents is often overlooked, and in many cases avoided. As many as 45% of homes in some parts of the UK are not currently protected. A truly baffling statistic given that an estimated £7.8 million is paid out every day for residential claims, with the average being around £25,000 per claim.
Your home contents is what would fall out if you could pick your house up and shake it, would you be able to replace all the things you needed in the event they were stolen or destroyed?
New owners — This is a great time to readdress the cover you have in place and make sure everything is protected. Your cover may not have been adjusted for many years, and any new furniture needs to be added on too.
Existing Owners — You should be looking at your policy each year and making sure it is good enough for your needs. Contents can fluctuate wildly from year to year so don't just accept your renewal quote as adequate.
Renting — It is vital you have cover in place for all of your possessions. Your landlord or agency won't be able to help recover anything if you suffer damage in a rented property.
Using price comparison sites can be quick and easy, but filled full of issues and you could end up getting caught out. We won't get into the argument that not all insurances are created equal, but what if you could save even more by not bothering with the comparison sites at all? Well according to Money expert Martin Lewis, that is precisely what you need to do.
Most insurance companies will pull you in with a cheap deal, which may have been years ago, but will prey on the fact you are unlikely to shop around and begin to raise the price. They believe you won't be bothered to compare their quote with others, and in some instances, this can be hundreds of pounds more than it should be.
A recent Citizens Advice investigation found that this practice is rife in the UK and customers loyalty to companies is worth next to nothing in the modern age. "The investigation also found that vulnerable people, such as the elderly and those on a low income, may be more at risk of paying the loyalty penalty," said Hollie Borland writing for The Sun. Found in many situations, even if you want to stay with your current provider, you were much better off taking a new quote than the renewal offered.
This is where our Home Insurance policy comes in. We created our offering to answer all the questions that our customers had about insuring their homes. We offer both buildings and contents insurance so almost anyone can find a policy that fits their needs and often at a fraction of what they have previously paid.
You won’t pay any admin fees or hidden charges for making changes, you can claim upto a 30% discount for no claims and we will work with you to make sure you get the best cover for your home.
Our UK-based customer service team can walk you through getting the best policy for you, or you can complete a simple quote online. Enjoy a market leading policy at a price you can afford by getting in contact today.