5 common home insurance mistakes - Best Money Saver

22nd May 2018by Neil Martin0

There are a number of common mistakes that homeowners can make when it comes to their home insurance policy. With so many options and a huge amount of policy providers, homeowners need to navigate a lot to get their perfect policy. Here are some common mistakes to avoid.

  1. Choose a plan that works for you

Home insurance policies shouldn’t be considered a cookie cutter solution. Homeowners’ needs can be different depending on a number of different circumstances. Many people search for the first insurance policy they find and sign up, without taking into account their own circumstances. Take a look at your house, location and current situation and try to find a policy that best covers what is essential to you.

  1. Find out about discounts

Searching the internet for insurance is one thing, but that shouldn’t be where the search ends. A policy provider may have a number of discounts on offer, either seasonal sales or little things you can do around your house that keep your premiums down.

  1. Know your plan

In the moment that something happens, it’s best to know your policy as thoroughly as you can. It saves time before you make a claim and can calm any worries in the moment. Know the basic principles of what is covered and any extras you might have added in, and making a claim can be a much simpler process.

  1. Over or under-valuation

Don’t underestimate your contents, but also make sure not to overestimate them. Either way it can make your insurance policy ineffective for your home. If you undervalue what is in your home you may not be fully covered for them which can be a significant problem if you need to make a claim. Make sure you take into account items such as important or expensive jewellery and things such as works of art of musical instruments. Make sure the items are valued regularly so that you always have an up-to-date and accurate account of what is in your home.

  1. Not updating your policy

If your situation changes, make sure your home insurance policy does too. If you decide to sub-let or to rent out the house, your policy will need a significant adaptation. Even changes in your work life can affect your home insurance policy – if you run a business from home then a claim on your policy may be rejected. Depending on your business there might be other policies that suit your situation better.

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