We all know home insurance is important. But are you actually covered? Steve Smith, Managing Director of insurance broker Smith Greenfield explains how your policy may not cover what you think it does
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All too often, it’s only when you try to make a claim that you discover your household insurance may not be quite what it seems. Already feeling sad about the loss of a precious watch or damage to an antique cabinet, the situation is made even worse when you find out that your insurance policy will not provide a like-for-like replacement or compensate you for restoration and any subsequent depreciation. What seemed like good value at the time has turned out to be worthless.
This is where speaking to a specialist insurance broker before you take out a policy can make all the difference. An independent insurance broker like Smith Greenfield knows the importance of not just listing items requiring insurance but also understanding how these items are enjoyed by their owners.
For example, many of our clients have items of jewellery they always travel with. Often, a standard household insurance policy will only provide cover for these items at a single address. An insurance broker like Smith Greenfield can provide policies without restrictive clauses so that our clients have peace of mind when they go away for weekends or spend time at their other homes.
In addition, a specialist insurance broker can help you with inventories and regular valuations, making sure that the sums insured are up to date. Over recent months, many of us have been working from home, setting up offices and acquiring new technology. We would strongly advise checking that these additional items are covered by your insurance policy and to discuss any concerns with your insurance broker.
And, if you are building a new home office or have building work taking place at home, such as an extension or conversion, make sure that this does not affect your insurance cover. Some policies are not valid during building projects.
We also recommend ensuring that the rebuild cost of your home is regularly appraised, to avoid the heartache of discovering that your insurance cover is insufficient after a fire or other serious damage.
If you are the owner of a higher value home and have higher value household contents, it is even more important that you seek the advice of an experienced broker. It is likely that you will be best served by a specialist insurance policy that can be tailored to cover your bespoke needs.
At Smith Greenfield we only work with ‘A’ rated insurers who are able to do this, and our expert advisers act with discretion at all times. We believe that, in the event of a claim, there should be no unwelcome surprises. When working with an insurance broker, an expert will manage this process. Our aim is to bring you peace of mind.
For a no obligation insurance review and quotation, please quote ‘Absolutely’ when speaking to our team on 020 8603 3730
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