Home Insurance Review

It’s essential to carry out a thorough home insurance review when you are looking to insure your belongings, due to the sheer volume of products available in the market. Home insurance is divided into two main categories; buildings insurance and contents insurance, with various subcategories within each, to allow for various different requirements. Buildings insurance is often a compulsory requirement for mortgage lenders when you are taking out a home loan, but contents cover is optional.

Some insurers offer buildings and contents cover as a combined package, and these deals can be highly cost-effective. Carrying out a home insurance review would require looking at the products offered by the main insurers and rating them on cost, limitations and level of coverage. Although it is not always possible to compare products on a like-for-like basis, choose the products that look the most attractive in terms of the coverage they include and go from there.

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Home Insurance Review Checklist

• Cost:  This is the first consideration of a home insurance review, but should not necessarily be seen as the most important. Be wary of skimping on cover where it comes to insuring your house, for most people it is the most valuable asset they possess, and the costs of repairing or rebuilding a house damaged by fire of flooding can be considerable.  Where it comes to contents insurance, consider an excess of £100 or £250 if you are insuring particularly valuable items, as this is a good way of lowering the cost of your premium.
• Limitations:  Limitations to your coverage is one factor that makes a home insurance review particularly important.  On the surface, most home insurance policies look very similar, but a study of the policy terms and conditions may reveal excusions and compulsory excesses that could leave you out of pocket in the event of a claim.  For example, when carrying out your home insurance review for both your buildings and contents cover, make sure that accidental damage is covered because often the small print says otherwise. 
  
• Level of coverage:  When completing a home insurance review, you should carefully evaluate which level of home insurance cover you need.  Many people do not realise how much the value of their possessions amounts to, when everything from household goods to linen and towels and furniture are taken into consideration.  Make sure that your home insurance review includes a thorough inventory check of everything you own and an approximate valuation.