To help avoid any problems, we’ve put together some top tips for homeowners.
- Read the policy wording, particularly key exclusions
- Check the limits – are they adequate for your needs? Many policies give the option to increase limits where relevant.
- Check your policy excess – policies vary and most insurers offer the option of increasing or decreasing the excess – but bear in mind it may impact the premium you pay.
- Make sure the information you provide is correct and tell your insurer if you make any changes to your home, such as a change in occupancy or building works being carried out as this may impact your policy.
- Check whether some areas of cover are standard or need to be added on, e.g. personal belongings (cover away from the home) and accidental damage.
- Think about what’s most important to you and whether your policy reflects your lifestyle and work. For example, if you have children or spend a lot of time at home, it’s worth considering accidental damage insurance to protect against mishaps.
- Think about cover outside of your home, too. Consider what would happen if your bag or briefcase was stolen – would you be covered for the items you carry around with you?
- Does your policy cover boilers or appliances? Some home polices include this, but in most cases you’ll need to add on additional cover for boiler breakdowns.
- Maintain your property – insurers expect homeowners to take reasonable care of their property, so check your home regularly – especially gutters, fences and roofs.
- Review your contents regularly – over time we accumulate more things. We may inherit items, or as children get older they acquire more belongings. Check that your cover is adequate for everything you own.
- If you have valuables, such as jewellery or expensive watches, check the single article limit to make sure they’re covered, and have them valued periodically.
Conclusion
The way we live and what we own is constantly changing, and insurers have a responsibility to make sure that products and prices reflect today’s world. But it’s important that homeowners are aware of what they’re buying and what cover they have in place, and that they understand the things they might need to tell their insurer about.