When consumers come across an article that states that a massive £266 billion of household contents are at risk due to a lack of coverage, it tends to set the wheels in motion to get insurance. Not only aren’t consumers aware that they might not be covered, but they’re also not aware of the different options out there. A few basic tips will help steer those looking for the best deal in the right direction.
Home Insurance vs Home Content Insurance
Simply put, home insurance is cover for the structure of the building and home content insurance covers the contents of the house. Unless the policy states that it covers the contents of the building as well, consumers should assume that they’re not covered. It’s best to get written confirmation that their contents are covered because only finding out an important aspect like that at claim stage can be a massive financial burden.
Compare Quotes From the Various Institutions
Going with the local insurance broker who only does work through a single underwriter might not be in the best interest of those who have varied needs. Instead, consumers are recommended to request quotations from various insurance houses to ensure they’re getting the best deal. This is because the various underwriters specialise in different departments and risk categories. For instance, there are specialised brokers who deal with professionals, those who work in dangerous industries, specific properties and other assets, and more.
Declare All Items That May Affect the Risk Profile
There are few reasons insurers won’t pay out an insurance claim and one of those reasons is withholding critical information during the assessment stages. Consumers need to provide all the information that is relevant, as it will ensure that they don’t have problems at claim stage. The information they provide should include everything that may affect their risk rating, as the insurer has the right to decline their intent to insure the property or contents based on this risk rating. It’s very rare that the Ombudsman will overturn a decision and request the insurer to pay if it’s clear that the insured did not provide the information upfront. Not only could this lead to financial loss, but it will also mean that the item is not covered and places the consumer at risk.
Insurance might be considered a grudge purchase, however, it’s best to have it than get stuck without it. Once consumers know what they’re looking for, it’s important to have all the relevant information handy in order to benefit from the best quote to suit their individual needs. The aim is to have a fuss-free process at claim stage and enjoy peace of mind where their assets are concerned.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.