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| Seven hints to make sure your home insurance pays out Posted: 21 Jun 2013 05:08 AM PDT Home insurance companies have a reputation about being picky about paying out unless they have to, so here are seven tips to make the process easier. Think carefully about the insurance you need – make sure your valuables are covered but don't forget about the big things like the roof, fire and flood. So here are the bits of small print and general rules you need to check: Do you live in the right type of property? Look up details like what the walls and roof and made from, if basements or more than four bedrooms are covered and how old your home is. These details all make a difference to the cost of cover How much is your home worth? You don't want to under or over insure. Remember it's the rebuild cost and not the market value that counts as you already own the land. Over price and your cover is too expensive. Under price and you will not get the benefit of a full pay out Protect your valuables Make sure you have a single item limit that is more than your most expensive possession and count collections as individual items. Name your specific valuables on the policy – if you don't and they are damaged, lost or stolen, then the insurer won't pay out for them Watch those add-ons Do you really need home emergency and legal expenses cover if you are on a budget? If you can afford to pay for peace of mind, that's one thing, but if you are on a budget, you can chip away at the cost of home-insurance by knocking off add-ons Look up the terms and conditions Make sure you don't give the insurer a reason not to pay – little things like the wrong locks, taking a lodger or not telling the company about building work can void a home-insurance-policy. Keep good records Photograph and document all your possessions – not just your valuables. Keep receipts and serial numbers. Snap them with your mobile or web cam and store the images online, so if your house does burn down you have photos of the rooms and your possessions as evidence to back up a claim Don't double up on cover If you have legal expenses cover on your credit card, you don't need the same cover on your home-insurance. Your just paying twice for the same cover and only one will pay out, so it's a waste of money. Finally, keep your policy details and insurer help line numbers online or give them to a friend so you can access them in an emergency. You don't want them under water, stolen or destroyed when you need them the most. |
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