Getting the right insurance cover for your home isn’t always easy, with a large range of options to choose from and a variety of different limits for things like electronic equipment, pedal cycles and jewellery.
Specialist home insurance broker Adrian Flux takes a look at 10 things to remember when shopping around for the best deal.
- Assumptions: many quotation websites will make certain assumptions about your property to reduce the time taken to provide a quote, such as the type of construction and nature of your door and window locks. Before you take out a policy, make sure the assumptions made are correct, or you may not be covered in the event of a claim.
- Underinsurance: Make sure you give an accurate assessment of the value of your contents to avoid falling foul of under-insurance. Go through your home room by room and estimate the cost of replacement of all contents. If you insure for £20,000 but your contents are actually worth £40,000, you may receive only a 50 per cent settlement, even for smaller claims.
- Legal expenses cover will sometimes be included as standard or will sometimes be charged for as an optional extra. It covers you for a range of legal disputes, such as neighbour disputes, employment disputes, personal injury cover, consumer and taxation disputes. If you don’t require this cover, it may be better to select a policy that excludes it from the standard cover if it reduces the cost.
- Home business: If you run a business from home, like an eBay or Etsy shop, you will need to declare this to your insurer, who may exclude business contents and equipment from your policy. We recently produced a guide to running a business from home – check it out for tips on office set-up, insurance, networking, taxes and more.
- Contents limits: Different insurers have differing limits for contents like money, pedal cycles, valuables and electronic equipment like TVs, computers and games consoles. You should make sure the limits are adequate for your needs, or see if you can increase them if you need higher amounts covered.
- Lodgers: If you have a lodger, even if they are a friend, you will need to tell your insurer. You should also tell your mortgage provider or landlord. Your lodger’s possessions will not be covered under your home insurance, but they can take out separate cover in their own name.
- Collections: Some insurers are wary of providing cover for collections where their value is disproportionately high to the overall contents. These items will need to be declared, and Adrian Flux can usually provide specified cover depending on security arrangements.
- Pedal cycles: As well as checking standard limits to ensure your bike is fully covered at your home address, remember that your bike must be securely locked for theft cover to apply away from the home.
- Smoke detectors: Check to see if your insurance requires working smoke detectors to be fitted. If so, make sure they are fitted and test them once a week.
- Maintenance: If your home is in a poor state of repair, there’s a chance that insurers can refuse a claim if the damage can be attributed to poor maintenance. This is particularly relevant in winter, where storm damage, chimney fires or burst pipes can all be mitigated against with routine maintenance.
For great deals on home insurance contact Adrian Flux on 0800 369 8590.