We expect you may have come to Policy Expert because you want to save money on your home insurance, but also find the right level of cover for your needs. We’re here to help you understand everything there is to know about home insurance; the types of cover, limitations and exclusions. We'll also help you compare prices to find the right insurance for your particular circumstances and budget.
Before you start to compare prices, you need to think about the level of cover you need. Whether you’re a first time buyer starting out or you’re renewing your home insurance, let us help you get the best deal. Follow our simple checklist to work out the level of cover you need and together we can make sure you’re not wasting cash by being unnecessarily over-insured or leaving your home (and pocket) vulnerable by being under-insured.
1. Yes, it’s tedious but you need to make a full list of all the items in your home that you'd like to be insured. Walk around each room in your house and list everything that would need to be replaced in the event of a fire or other damage along with the cost of each item. Making lists like these are not only useful to assess the value of your possessions but can be vital reference should you need to claim – you’ll know what items are missing or damaged in each room so you won’t have to rely on memory when it comes to making a claim.
2. Try no to guesstimate the value of your possessions – this could leave you way under-insured, meaning you’ll have to foot the bill for any shortfall in contents cover.
3. Get an accurate value for the rebuild cost for your home. Also known as the reinstatement value or replacement cost, this amount will be on your buyers report or survey if you bought your property recently. Be aware that this figure will be dramatically different from the market value of your home, so don’t be alarmed if you think the figure looks low – this cost covers clearing the site, architect fees, building materials and labour but does not include the land that your home sits on. Many providers now offer a building insured figure of £500,000 as standard.
If you do need to find out the rebuild cost for your home, you can do this using an online calculator or by getting professional advice from a surveyor. Check out the Building Cost Information Service (BCIS) for details.
4. Above all, do your homework. Don’t waste money by paying for cover you don’t need.
Read our home insurance articles and guides for more great topics or get a home insurance quote.