Some of the key things that need considering when a policy is up for renewal include whether anything might have depreciated or increased in value, or if any new items have been bought.
Valuable family heirlooms like jewellery or antiques might increase in value over the course of a year. And an expensive item may need to be individually specified on an insurance policy if it exceeds the ‘single article limit’.
A single article limit is basically the maximum value that any item can have before it needs to be listed separately. How much that limit is will depend on the policy, and it can vary from £1,000 all the way up to £15,000. So, for example, if the single article limit on your policy was £1,500 and your engagement ring was worth twice that, you’d need to tell your insurance provider (and probably pay a bit more to get it insured).
Also, think about anything new that’s been bought – a new sofa, bed or even a wedding dress – you’ll want to protect all of these, so make sure your policy reflects them. But it’s not just the stuff inside, have there been any external upgrades – a conversion or an extension? Physical changes to your home will also need to be taken into account.
And although it might seem a little unusual, you should also tell your insurance provider if your circumstances have changed. Maybe you’ve had a child or switched jobs in the past 12 months? However trivial these changes might seem to you, you should tell your insurance provider about them as they could have an impact on your policy.