Standard Home Insurance May Not Be Your Best Deal

With one in ten households needing to make a claim on their home insurance, ensuring you have the best policy is a must – opting for standard home insurance may not give you the best deal.

Research from moneysupermarket.com reveals that standard home insurance policies don’t necessarily give you all the cover that you may need and warns that you should not assume that a policy offers ‘comprehensive’ cover.

Making this assumption and not making sure you have the cover you need could mean you may not get an insurance claim paid as you expect, leaving you with a hefty bill.

Whilst taking out a ‘premium’ policy will invariably cost more it may not be as much as you think and the benefits could outweigh the costs.

For example a ‘premium’ policy from Tesco will ensure what could be considered essential details are included. Alternative accommodation costs up to £35,000 is provided, as is home emergency cover, £3,000 cover for personal possessions outside the home and a seasonal uplift of 20 per cent at Christmas.

Or Axa with their ‘premium’ cover include basic accidental damage cover to sanitarywear, bathroom fittingsm ceramic hobs, ceramic cooker tops, fixed glass windows, doors and conservatories. And yet the difference in this premium policy and the standard Axa policy is minimal.

There may not always though be just a small differential in price and therefore it really does pay to shop around and get the best home insurance cover to meet your needs at the best price.

As Julie Owens, head of home insurance at moneysupermarke.com comments “The most important thing to consider when buying home insurance is what type of cover will suit your circumstances. I advise Brits to think carefully about what they need to cover and the value of those items.

Some people for example may have an expensive bicycle or single items of considerable value, jewellery for example. All these things need to be taken into account when choosing your policy. Similarly, I would advise ensuring your policy covers accidental damage and possessions away from home.”

If you have a number of high value items you may better off considering a High Net Worth insurance policy.

It’s a good idea to get your valuables professionally valued and remember to repeat the valuation periodically in case they have changed significantly in value.

And don’t forget you may unwittingly be sitting on a fortune through your collection of modern antiques, signed books or early games consoles – ask the question, is your collection junk or worth a fortune?

MoneyHighStreet has partnered with leading insurance broker, W B Baxter Insurance Brokers Ltd, to offer High Net Worth home insurance advice and products via a top quality service.

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Contact Baxters for Free advice on your high net worth home insurance, understand what your requirements and best options are and as appropriate buy your insurance cover.

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