What are the Most Common Home Insurance Mistakes?

Whilst it has become commonly accepted that home insurance is a necessity for those who want to ensure that their house is protected, it has become a potentially “tough nut” to crack for those without experience…

Perhaps the main reason for this stems from the fact that many home owners want to spend as little time as possible searching for an insurance quote; after all, it is hardly the most thrilling of prospects! However, as with most other things in life – if it is worth doing it is worth doing right!

There are some great incentives to not skimp when it comes to getting the most from your home insurance; the biggest of these being that you could in fact end up with a policy that is not at all suited to your needs, thereby making it virtually redundant and giving you no practical protection whatsoever!

Fortunately, it is well known that there are several common areas of home insurance that tend to be the most overlooked when it comes to getting the best from a home insurance quote:

home insurance, home, home insurance quotes

Undervalued contents

Perhaps the easiest area to overlook when it comes to getting a great quote on home insurance is the value of yours home’s contents. Whilst many home owners tend to have a “pretty good idea” of what the value their contents is, a great deal more will drastically underestimate the true value of many of their possessions. A great tip for getting to the root of this particular problem is to ask the following question: “how much would it cost to replace these items?”

By sidestepping the traditional approach of trying to estimate the monetary value of the items without real-world grounding, it becomes a great deal easier to ensure that you know exactly what your home is worth to you!

Excessive cover

Coming in at the opposite end of the spectrum is the temptation to over-value the contents of a home and seek out excessive home insurance cover as a result of this. In addition to this, many customers fall foul of attractive-looking building insurance packages that seem to offer a great deal more than they are actually worth. The “usual suspects” that customers should be aware of when trying to assess their building insurance needs are emergency water and electrical cover – these should always be viewed on an individual basis instead of being bought as part of a package – unless, of course, they are included for free!

Terms and conditions

There is an old adage which states: “the devil is in the details”. This is especially true when it comes to home insurance. It is shocking to see home many home owners choose to agree to an insurance deal without being fully aware of the terms and conditions of the deal! Although it may seem tedious in the short-term, making sure that you understand your policy can save you a rather large headache in the future. A common example of this kind of this problem arising often occurs with fire-damage cover; many home insurance policies stipulate that a working fire-alarm is installed to validate claims concerning fire damage – this has caught many home owners short and sent any hopes of a claim up in smoke…

Renewal

Humans are creatures of habit; this is the main reason for the problem of so-called “automatic home insurance renewal syndrome”. Put simply, this is where a home owner will renew their existing policy with a home insurance company based simply on the fact that their policy is already with the aforementioned company. Whilst this may be a convenient practise, it totally negates the idea of getting the best deal you possibly can – it is important to remember to shop around for the best home insurance policy – even if you already have one!

About the Author:
Nathan Clarke writes on behalf of LV Home Insurance about home insurance quotes and getting the most from your policy.

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