There are a number of things to consider when taking out your home insurance, read on to find out what they are so that you can find the policy best suited to your needs:
- Excess
First and foremost, check the excess on any policies you’re considering taking out. The excess is the amount you’d need to pay before your insurance covered anything, typically this is £100, but it can be significantly more. What’s most important to you – keeping your monthly insurance costs down or having a very low excess?
- Rebuild costs
First and foremost you want to ensure that your insurance covers the total rebuild costs of your home, should the worst happen. Rather than the market value, this is about the rebuild cost of your home. Knowing you are covered in this respect will give you peace of mind. If your house is out of the ordinary then ensure your insurance company understands this, it might be you need specialist cover if your home is listed, has an unusual construction like a timber frame or a thatched roof.
- Contents insurance
Consider the cost of replacing all of the contents of your home and make sure you have sufficient cover to replace everything. If it helps, take a walk around your house and make a note of items room by room to give you an idea of the whole cost of replacing your belongings. Check whether your policy covers replacing ‘new for old,' as some will only pay the second-hand value and in practice, you’d have to replace the majority of your belongings with new ones.
- Notable items
Give a thought to any particularly valuable items that you own, like paintings, jewellery or antiques and check whether you need separate insurance for them. There is usually a limit on the value of individual items you can claim for, and you may own items that are not covered by a general contents insurance policy.
Also, do you need cover for items that you take away from your home? Consider if there are valuable items you regularly use away from your home like a mobile phone, bicycle or laptop that you want to be covered.
- Accidental cover
Check the accidental cover on your policy, what eventualities will you be covered for and what value would that cover be worth? Consider whether you want to increase this and also whether there are any exclusions. Does it cover accidents you have or accidents other people have that affect you?
- Outbuildings and garages
Another factor to consider is whether your policy covers the buildings in the grounds of your home such as outbuildings, sheds or garages and the contents within these.
- Flood damage
Flooding is becoming an increasing concern for homeowners, and some have been affected by changing flood risk maps. Flood RE is a new scheme aimed at helping homeowners affected by flooding.
- Additional extras
Home insurance policies often come with optional extras like cover for legal fees, accommodation in an emergency, plus the cost of replacing your locks and keys in certain circumstances. Consider what extras are most important to you when you’re taking your home insurance out.
There you have a few things to consider when taking out your home insurance, from the cost of the building itself to the value of the things in (and around) it. If you’re looking to renew your insurance then ask for home insurance quotes from Call Wiser, they’ll be able to find a policy tailored to your specific needs.
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