The topic of home insurance is one that is regularly glossed over or undervalued; however, it is an essential part of homeownership.

Are you exposed to risks?

When using online comparison sites, 50% will make ‘rough calculations’, whilst one in ten opt for a blind guess as to the rebuild value of their property and replacement value of their belongings.*

Not having the necessary home insurance can leave your home under-protected, which could in turn lead to further problems down the line.

Whilst underestimating the sums insured for your policy may result in a cheaper premium, this leaves you exposed in the event that you ever need to make a claim as insurers may reduce any claims settlement proportionate to the degree of underinsurance.

In the process of moving in 2021?

If you’re in the process of moving homes, it is vital that insurance arrangements are made well in advance to ensure that you do not under-insure yourself by taking the cheapest deal or making a quick, hasty decision.

It is advised that home movers firstly identify exactly how much cover they require, ranging from flooring to the kitchen sink and the contents of your garage for buildings and contents cover.

In addition to this, there is a wide misconception that insurance is only relevant after someone has physically moved homes, when in reality insurance ideally needs to start as soon as contracts have been exchanged, which in most cases occurs well before you actually move into your new property.

This is where your insurer can be of great assistance, making sure any transfer of insurance from one property to another is completed correctly.

Some insurers do not cover contents in transit, but there are ways to make sure all your contents are protected when it comes to the moving day itself.

• Notify your insurer that you have items in transit that need to be covered in advance, as most do not cover them as standard.
• Use an authorised removals service, as your insurer may demand that the transporter is a ‘registered company’ if cover is to be provided.

If you’re in need of our guidance, please speak with your usual W B Baxter contact.

*Association of British Insurers

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