How much home insurance cover should I get?
Overestimating your home insurance means paying over the odds for your policy. Whilst underinsuring might mean saving money with a lower premium, but the amount of cover may fall far short of what’s needed to repair, rebuild and replace your home and belongings.
You’ll need to make sure that your buildings insurance covers the cost of repairing or rebuilding your home, and there are two ways of working this out. The easy way is the ‘bedroom rated’ method which bases the assessment on the number of bedrooms you have. The more complicated (but accurate) way of working out your home’s value is to hire a surveyor to do the job for you. But don’t worry – when you start a quote with us, we’ll help you work it all out.
It’s a similar story when it comes to your contents insurance. Whilst underinsuring your things might save you a few quid in your premiums, you’ll probably end up regretting it if you come to make a claim. Our tip is to go through your home room by room, making a note of all your belongings – don’t forget to include items like rugs, carpets, curtains and even pictures. If an item is considered to be High Risk (typically smaller high value items like jewellery and laptops) then you will need to add it individually onto the policy if the value exceeds a certain limit known as the “Single Article Limit”. This can be from £1,000 upwards but your provider will make you aware what the limit is when you’re getting a quote.