Are you looking for a new home insurance policy? Whether your existing policy is set to expire or you’re buying your first property, it’s essential to get the appropriate level of cover for your needs.
Here, we explore how to choose the right policy for you and your home.
Assess your unique risks
Firstly, you need to consider whether there are any specific risks to your property. For instance, is your home near a river? Do you live near the sea? Or is the area prone to other types of flooding?
The age, material, size and structure of the home will also impact the insurance you’ll need.
You should also consider whether you have expensive items you need to cover against damage or theft.
Understand the types of home insurance
There are two main types of home insurance: buildings and contents.
Building insurance covers the cost of rebuilding or repairing your property if it is damaged or destroyed. This could be due to events like fires, floods, storms or crime.
Citizen’s Advice explains that “your insurance should cover the full cost of rebuilding your house. This also includes the costs of demolition, site clearance, and architects’ fees”.
Contents insurance protects your personal belongings, such as your electronics, furniture, clothing and jewellery.
What’s covered will vary depending on the policy, so it’s important to check the terms before taking out cover.
If you would like to cover both your building and its contents, you may be able to get both types of insurance in a combined policy, making it easier to manage going forward.
Consider tailored home insurance
Some insurance policies can be customised to fit your needs. You may wish to choose tailored home insurance if you have a unique property type or specific contents you want covered.
For example, you may be able to add cover for things like expensive jewellery.
You can also consider covering accidental damage to your home or belongings. This may insure you for things like spills on carpets, smashed windows/doors and so on.
Research the insurance company
Before you buy, research the insurer and see what other people say about the company. Are they good at paying out claims? Do they have good customer service?
Choosing a company with a good reputation can save you stress if you ever need to make a claim.
You might also consider the support available for handling claims. Insurance claims management firms like Oakleaf Claims can help guide you through complex processes, ensure accurate documentation, and improve the chances of a successful outcome.
It’s also worth getting to know the protections in place for consumers. Check that the insurance products are covered by the Financial Services Compensation Scheme (FSCS), which may be able to compensate you if you “paid for cover with an insurer that has failed”.
To be protected, the insurer “must have been regulated by the Prudential Regulation Authority (PRA)”.
Hopefully, these tips will help you find a home insurance policy that provides the right level of cover for you. Remember to compare prices and check documents thoroughly before buying to ensure your needs are met.
