Your home is without doubt the most important and expensive investment you will ever make. Protecting this haven and life’s possessions held within it is not only a mandatory requirement of your mortgage, it is essential peace of mind for you.
Statistics have shown that among low income households – those most likely not to have buildings and contents insurance – are three times more likely to be burgled than homes covered by an insurance policy. The level of crime in low income areas is partly influential in this disparity but even a fall in crime over the last 5 years has had little effect on the gap. Figures suggest that 50% of the poorest households lack any form of contents or buildings insurance, compared with one in five for average income households and one in ten of the richest. Additional figures show that over half of all renting households, from all income brackets, are not protected by any insurance policy.
House fires, burglary, burst pipes and faulty electrical goods can afflict any home at any time but the unfortunate can come from anywhere. Floods, snow and even an earthquake or two have wreaked havoc on the UK in the last few years, reminding many how devastating and damaging these unpredictable events can be. Even though the consequences are beyond control, a comprehensive buildings and contents insurance policy will give you the control to put things right.
Maximise the benefits of home insurance by ensuring you fully understand your policy. The best practice to follow is to create a full inventory of all your possessions and review this regularly. Don’t be swayed by cheap premiums – when it comes to your bricks and mortar having the right coverage is more important than saving a few pounds, although that’s not to say that good research can’t get you the policy you want at price you like. Use an insurance specialist who can advise you on the best policy to suit your needs – Castle covers buildings insurance for home owners and specialises in over 50s cover. Be sure to read the small print – it’s bad enough coming home to leaking pipe, let alone to be told your policy doesn’t cover the cost of the damage caused accessing it. And always bear in mind whether new purchases or home improvements will be covered by your existing policy and update it promptly if necessary.