Hopefully won’t have to use your home insurance policy on a regular basis. However, if you do ever experience a flood, fire, or other disaster, the more comprehensive your policy is, the better. Being able to repair damage to your home straight away, and replace valuables quickly and easily, makes life a lot less stressful.
In order to ensure your insurance policy pays out when your need it most, you need to do a little research before signing on the dotted line. Conditions and clauses can vary dramatically between insurers, so it’s incredibly important to read the small print before committing yourself to a policy. To help you find the insurer that’s right for you, we’re looking at some of the most important factors to keep in mind when signing up to a home insurance policy.
Whether your pipes have burst or your home has been flooded by a broken tap, water can do a lot of damage to a property in a short space of time. Leaks and water damage are a major cause of home insurance claims. In fact, insurers currently pay out a staggering £2.5 million per day for escape of water claims.
When taking out a home insurance policy, it’s therefore very important to check that all kinds of water damage are covered by your insurer. If your policy isn’t clear, talk to your broker or your insurer and ask for clarification.
Every year, around one in five Brits experience a boiler breakdown. According to comparison site uSwitch, the average cost of repairing a faulty boiler is around £245. If you want to avoid this cost, look for a home insurance policy that covers boiler breakdowns and emergency repairs. As @thisismoney says, “Check the wording of your policy to see what’s covered and if there’s an option for cover it may be worth finding out how much extra this would cost you.”
One of the best ways to judge the quality of your insurance policy is to check its Defaqto Star Rating. This rating has been designed to help homeowners cut through industry jargon and work out which policies are most trustworthy and which provide them with the best cover.
The star ratings are updated every February by a team of experts, who spend hundreds of hours comparing different policies. Although there are still no guarantees when it comes to insurance, if you select a policy with a four or five-star Defaqto rating, it should provide you with a good level of cover and peace of mind.
If you want to find the perfect home insurance policy for your property, we can help. Get in touch with a member of our expert team today to find out more.
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Written by: Cambridge Web Marketing