Why Do You Need It?
A house goes beyond brick and mortar. It is the resolution of years of planning and hard work, a space for many memories to be created, and as a home, it is valuable beyond measure.
Choosing the Right Home Insurance For Your Home
No two homes are the same. What is good for your neighbour might not be so great for you. Here’s what you should consider, before taking out an insurance policy unique to your requirements:
Buildings Sum – This is the total amount of money that suffices all rebuilding costs for your property. Remember that the market value and the rebuilding costs never align and are subject to change if you intend to make changes to your property.
Alternative Mode of Accommodation – It’s helpful to know your policy with respect to an alternative mode of accommodation. You might have to leave your residence in the event of a fire, a flood, or some other emergency.
Cover for Contents – A standard cover for contents (usually around £35,000) is offered by most insurers. If this seems like a good amount, think again. You’ll be surprised to see how all your possessions—from clothing to music library—can take this up once they add up.
Accidental Damage Cover – In the event of a flood or a fire, these policies provide an automatic cover for the damages. Bear in mind that this policy doesn’t cover accidents. If you want one that covers accidents just the same, you should be looking at a different policy altogether.
Cover for Damages Away From the Home – If you frequently have to take valuables far from home, there are policies that cover personal possessions should they come unto damage. Check under your contents policy.
Does it pay to save?
It’s the norm for many insurance companies to use the price tags on their products to promote themselves. This might be a tempting premium, but does it give you the cover you need, and are there no hidden costs to the policy? An improper cover can come back to bite you when you’re making a claim
Measuring the quality of the cover
Similar to how the hotel industry does it, the star-ratings that insurance policies get are based on the quality of their covers. Independent firms for research such as Defaqto operate these star systems.
A Basic cover can be received from products with one or two stars, whereas significantly higher levels of cover (in addition to other benefits) are obtained from four- and five-star products.
It might be tempting to use the internet for an easy home insurance policy, we’d advise you to be highly careful. It’s not unusual for websites to have default settings applied for the generation of cheapest quotes. These default settings, however, are often no good for the level of cover that you require.