When it comes to insuring your home and contents, many people take out far less cover than they need, risking potential upset when it comes to making a claim.
The average UK home contains around £55,000 worth of possessions, but an average insurance policy covers just £35,000, potentially leaving £20,000 worth of uninsured valuables per household.
Why do we undervalue our possessions?
One reason could simply be a lack of awareness – both in terms of the real value of possessions and the items we should be insuring. When you’re reviewing your contents insurance, don’t just think about your jewellery and electronic equipment or other high-value items. Make sure you consider everything, including clothes, shoes, books, furniture – and contents in your garage, garden shed or other outbuildings.
Another reason why people underinsure could be a desire to keep insurance premiums down – but this really misses the point of taking out cover in the first place. If you’re in the unfortunate situation where you need to claim and you haven’t included certain items in your policy, you won’t be covered and this could leave you even more out of pocket.
Ask us to review your cover
By seeking our professional guidance, you may find you’re able to reduce your outgoings, identify instances where your protection could be improved or uncover gaps in your insurance.
We can help you understand what you’re covered for – and what you aren’t. While buying home insurance may feel like an expensive chore, it’s critical to ensure it meets your needs and expectations. If you don’t fully understand your policy excesses (the contribution you are required to pay towards a claim) and policy exclusions (such as accidental damage), your insurance could end up letting you down when you need it most.
Alternatively, you may not even realise you require specialist insurance. If your home is classed as a ‘non-standard construction’, or you have high-value contents in the home, it may be appropriate to call in a specialist insurance provider that can meet your needs.
It can be easy to question the value of insurance – until the day you need it most. If you’ve ever had to make an insurance claim, you’ll know just how valuable it can be.
For more information about protecting your home and contents, please get in touch.