Is your home and contents insurance adequate?
September 14, 2007
Consumers are being urged to check that the level of home and contents insurance that they have in place is still adequate after having major works carried out or after purchasing expensive items and gadgets for the home.
Many consumers may think that they have adequate cover for their home and their belongings within the home, but many fail to actually amend the level of cover that they have when they purchase expensive jewellery or items that will be kept in the home, or whether significant works are carried out that could affect their insurance.
This can cause major problems if and when the need to make a claim arises, as the insurance company will not be aware of modifications to the home or expensive additions to your belongings, and this could impact upon your ability to make a claim.
One industry expert from Direct Line insurance stated: “If we go to make a claim, we may find that the items we have purchased are not actually covered under the contents insurance we currently have in place. Certain security arrangements would need to be in place before the cover could be provided, for example, expensive jewellery would require a safe, etc.”
Consumers are also reminded that they may need to amend their insurance at certain times of the year, such as at Christmas or if a wedding is taking place, where there may be expensive items and gifts kept in the home.
Some insurance companies do upgrade insurance policies for free over the Christmas period in order to account for increased value of goods within the home, but this is not necessarily the case and policyholders should therefore check with their individual insurance companies.
Alan Wright
14th September 2007
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