Monday, 11 November 2013

Home Insurance - Are You Fully Covered?

Home Insurance is one of those things that you know you should have, especially if you have a mortgage. So what do you do? Most people call a couple of companies, answer the never ending list of questions, agree the price, receive a document and shove it in the drawer until the renewal becomes due next year. Sound familiar?

Are you confident that you will be fully covered if you need to make a claim?

Like most things, you get what you pay for, so if you paid a really low premium or got the cover free when you took out another insurance, chances are the cover is minimal. It is always worth reading the policy schedule, if not the full document so you are clear what is covered and that the information on the document i.e. name, address etc are correct. If there is an error it is better to rectify it sooner rather than later. If you move or make changes to your property, advise your insurance so that the details can be updated. No point in paying for insurance on a property you no longer live in and if you have to make a claim there could be a problem.

If you have a mortgage on the property your mortgage provider will want to see a copy of the policy with their name and relevant account number listed. They will also want to see that the buildings value in the policy fully covers the outstanding mortgage. If not, they might just set up a policy for you without your authorisation, especially the Spanish banks.

Every company will ask you about security measures. Why do they need to know this and why is it important? If you state that your property has an alarm, whenever you leave the property it MUST be used. If you choose not to bother and you have a break in, then your claim might not be paid out. Not the plan.

Make sure you have the helpline number for the insurers in a convenient place. Important if you have a problem and need to contact the insurers in an emergency. All policies come with contact details on the policy or on a small card. We recommend you either add the phone number to your phone book/mobile phone, or keep the card by the telephone. In an emergency situation it's not ideal to be trawling through drawers to find the document with the phone number on it.

Contents value is something that you should consider seriously. Before calling for a quote just go around the rooms of your house and do a mental calculation of how much it would cost to replace everything, you will be surprised. Don't forget to include clothes and any shoe or handbag collections that maybe in the wardrobe. The figure will probably be higher than you think.

Whether your property is a permanent home, holiday home, rented out or being modernised, we can offer a range of policies to suit and are happy to provide any advice or information needed.

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