The trouble is, it’s all too easy to make mistakes when arranging this coverage. Stay savvy when choosing your insurance. Here are five potential insurance pitfalls that could end up costing you big.
1) Failing to Shop Around for the Best Deal
If you lead a busy life, the last thing you’ll want to do is devote hours on end to seeking out the best possible insurance deal. For this reason, you might be tempted to simply go for the first offer you find, or to renew your existing policy time and again. However, failing to shop around could put an unnecessarily large dent in your finances. Bear in mind that you don’t have to scour the market yourself to access competitive premiums. By heading to the websites of specialist brokers like Chill, you can ensure the process is quick and simple. You might be surprised by how much cash you can save if you’re savvy when searching for your policy.
2) Making Assumptions About Your Level of Coverage
Another mistake you’ll do well to avoid is making assumptions about the level of cover that comes with your policy. Often, people think certain features of home insurance are included as standard when in fact they’re optional extras. For example, your policy might not feature accident damage protection. In fact, fewer than one in five home cover agreements automatically protect holders for damage they cause themselves by accident. Rather than guessing what’s included in your insurance, make sure you read the small print.
3) Slipping up on Security
Be careful when it comes to security too. The quote you receive from your insurance provider will in part be determined by the home security measures you have in place on your doors and windows. If you fail to get safety systems like key-operated window locks or mortise door locks, you’ll end up shelling out more than you need to for your cover. Even worse, if you accidentally or intentionally mislead your insurer by suggesting your security measures are better than they really are, you risk invalidating your policy.
4) Underestimating the Value of Your Possessions
It’s also important to watch out when you’re valuing your possessions. Studies frequently show that consumers underestimate the worth of their home contents. As well as physical possessions, think about your digital downloads. Would your insurance cover any lost video and MP3 files as well as hardware in the event of damage or loss to your computers and other devices?
5) Forgetting to Update Your Policy
Another insurance slip-up to avoid concerns forgetting to update your policy when your circumstances change. For example, if you acquire new items, make sure your cover is adjusted to reflect this. Bear in mind that objects of value might need to be insured separately. All too often, people wait for their policy renewals to update their cover details, and this approach can leave them out-of-pocket.
By making sure you steer clear of home insurance mistakes like these, you should succeed in arranging the perfect policy for you and your property.