There are so many different types of home insurance policies available and it can be a little hard to decide which one is the best value and policy for your needs. The variety of choices can be daunting but here are some tips to make it easier on you:
What’s Covered
It may seem simple but a lot of people don’t actually know what their policies cover. For instance, some people don’t realize that personal belongings can be covered under their home insurance policy when they are traveling abroad. Call up your provider and ask what your cover provides, as every policy is different and you may be surprised by what is and isn’t covered.
Estimates
Estimates are the key to choosing the right policy. Always ensure that you have accurate estimates for both the rebuild cost of your home and the replacement cost of all the contents you had in mind when taking out the policy in the first place. This is the only way of seeing which policies are sufficient for your needs.
Annual Increases
Keep an eye out for annual increases. Most home insurance policies will increase year to year due to rebuilding costs, which are also increasing, just be wary and keep an eye on them. If in doubt, ask your insurer or provider for more details.
Ask for Cover
You may be surprised at what can be covered by home insurance, so don’t be afraid to ask. Some coverage you might have not considered include freezer contents, garden features, outbuildings, emergency services damage, legal cover, water leaks, and home emergency cover.
True Value
Underestimating the true value of your home’s contents is a mistake. Overlooking a few of those recent purchases could mean that some items may not be covered under your current policy, or you could be paying too little or too much.
An up-to-date valuation of your possessions now could save disappointment in the future, so take note of what you have in your house that is of value and discuss it with your home insurance provider to ensure you have everything covered.
Taking photos of your possessions, particularly in the room in which they are placed, is also highly recommended as this will help support any claims you may make if you lose or damage them. It is always worth keeping the receipts of household items to provide proof of purchase, the date of purchase, and the price you paid. It is likely your insurers will ask for a receipt in the event of a claim.