Home insurance can be confusing, so when renewing or replacing a policy it is a good idea to get clued up on exactly what you are covered for. Without this understanding, your home and possessions may not be adequately protected leaving you out of pocket in the event of a crisis.
To help you avoid any potential problems, we here at Tangible Building Services have put together a our top tips to help you get to know your home insurance policy.
Find out about your policy excess
Excess is the amount you pay towards your policy in the event of a claim. The size of the excess will change how much you pay per month. A higher excess will mean a lower monthly premium, and the opposite for a lower excess. It is important that you understand exactly how much excess you will put towards your policy in the event of a claim.
Read up on any confusing policy clauses
The nitty gritty of an insurance policy can be confusing, so it would be wise to read up on the bits you don’t understand, or ask your insurer to provide more information in simpler terms. By knowing exactly what is covered under the terms of your policy document, you can then amend your policy to ensure it covers exactly what you need.
Understand what cover is standard or added on
When you take out an insurance policy, there are some aspects that come as standard and some that need adding on (such as cover for accidental damage). If you haven’t made provision to be covered for something that’s an add on, you will not be able to make a claim for this in the event of an accident. It’s important to take the time to read and fully understand exactly what your standard cover consists of, and what add-on’s you don’t currently pay for. If you find you are not covered for what you need, you can amend your insurance with your policy holder, but likely for a price.
Check your own information
Your insurance premiums are largely based on your own information. Incorrect information can give your policy holder the grounds to not pay out in the event of a claim. Each year check your insurance to ensure that information is correct and up to date, and contact your policy holder in event of a change in circumstance. These changes can include such things as; a change of address, upgrades to your home, a change in marital status or a new child in the family.
Annually review your contents
Contents are your possessions inside your home. They are covered under contents insurance which will pay out if your contents are damaged. Your contents insurance is based on the complete value of your contents (the value of all your possessions added together). It is important to have an accurate sum of your contents to ensure you are not left out of pocket in the event of a claim. You should make it an annual task to go around your house and judge the value of each of your possessions. If you find that your possessions are worth more than you’re covered for, you should speak to your insurance about improving your policy.
At Tangible Building, we are dedicated to educating our customers on how they can improve their home insurance to ensure they are not left out of pocket in the event of damage to their home. If you have suffered fire, flood, water, storm or impact damage and are in the process of making a claim, please contact Tangible Building for help on 0800 328 4188.