Insurance

Back in January we asked whether your home insurance was up to scratch for the coming year but maybe we should have asked whether you had adequately covered your home and possessions in the first place.

Various studies have been conducted to highlight the unprecedented lack of sufficient buildings and contents insurance in the UK but fear not, BeatThatQuote is on hand to guide you through the process of properly insuring your home. Below are some of the most common mistakes one might make when insuring a home so read carefully and ensure that you do not fall foul of similar pitfalls.

First things first; who is responsible for home insurance?

Too many tenants live without the necessary contents insurance either because they don’t consider it necessary or because they think they are covered by the landlord’s insurance. The thing to remember is that 99% of the time you will not be covered by your landlord’s insurance and it is important you arrange your own as you are no less likely to make a claim than anyone else.

Do I have enough cover?

A recent survey showed that many homeowners were getting buildings insurance that was far in excess of what was required. In many areas a total rebuild of a property would cost around half its total value meaning that a large proportion of people are over-insuring and thus have higher premiums. On the other hand it has been shown that just as many people are under-insuring their contents and are at risk of losing out when it comes to making claims. They especially forget to list individual, high-value items in their policy which leaves them vulnerable to large payouts should the worst happen.

Are the contents of my garden covered?

With a trend towards landscaped gardens and expensive garden furniture homeowners should be wary when it comes to buying home insurance. They need to check the policy details carefully and find out how much cover their garden items are given. They should also look at the fine print as the insurer will often stipulate that sheds and garages must be locked for claims to be valid.

What if go on holiday?

Depending on the length of the break you are taking, you may be required to inform your insurer of your absence and your whereabouts during that time. When a property is unoccupied for any length of time insurers may be extra picky when it comes to claims. To stand the best chance of avoiding this scenario makes sure you check the following before you go away:

• are all you windows locked wherever possible?
• have you stopped any milk and/or newspaper deliveries?
• is there a close friend or relation that could check on the property intermittently while you are away?
• have you turned off the water supply using the stopcock?
• have you switched off all plugs at the socket?
• have you put all loose garden items in a locked place?
• have you removed all valuable items from view?

What if I live in an area that is prone to flooding?

Before the widespread flooding of 2007 there were many people living close to flood plains that hadn’t properly insured their homes and possessions. But it now seems that insurers are reluctant to provide cover to residents of these areas because of the high risk involved. Therefore if you think you are at risk you might want to talk to specialist home insurers who cater for flood victims and those at risk of flood damage.

If you want to find home insurance that is going to protect you know matter what life throws at you then BeatThatQuote can help. Our simple home insurance form will allow you to compare dozens of policies in minutes to find the one which suits your circumstances best.