If you’re a member of the vast majority of the populous, home insurance won’t be at top of your list of favourite discussion topics. But whatever your personal feelings are about how thrilling (or not…) the subject may be, home insurance is something that no homeowner should be without.
With this in mind, it is hardly surprising that so many homeowners are eager to get this “ordeal” out of the way as quickly as possible; for many, that means taking up the offer of the first policy which they are offered.
As with most aspects of life, it often pays to put in a little extra effort in order to reap the best possible results. Discussed below are the top 5 mistakes that homeowners make when sorting their insurance policy – read them, be aware of them and endeavour to not make them yourself…
1) Undervaluing contents – it’s shocking to see how many homeowners “sell themselves short” by not obtaining a proper valuation of their home’s contents. When asked about this, people will often complain that they find the valuation process difficult. A top tip to help with this is to think of how much it would cost to replace the items lost!
2) Excessive cover – having adequate protection is admirable and advisable, but having too much is tantamount to throwing money down the drain! Many of the unnecessary aspects of insurance policies are bundled into packages to try and make them more appealing; however, they can serve to bump up the price. It pays to be mindful of exactly what you need from your home insurance cover.
3) Small print – while trying to read the small print on some contracts will require the use of some rather thick lenses, it is always worth knowing exactly what you are paying for and how your insurance policy breaks down. More often than not, the small print will contain various stipulations and clauses that could mean the difference between you getting a pay-out or not if something does actually happen to your home.
4) Automatic renewal – buying home insurance once does not mean that you are buying it for life. Far too many people buy their policy and then totally forget about it, renewing it annually upon the prompt of a letter arriving on their doorstep. If you are happy with the price and policy that you currently have, then great! But you can’t be sure if you don’t check what else is on offer…
5) Play the field – if you don’t ask, you don’t get. This is as true in the home insurance sector as it is anywhere else in life. It is always worth checking if another insurer is able to offer you the policy you have (or even a better one) at a cheaper rate. Nowadays this can be done through online comparison websites; however, in the worst case scenario it still only needs a quick phone call to check!
6. Door baby bouncer
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