Your insurer is your partner

At the end of last year, we published some tips to look after your property in winter as weather conditions change. Below is additional information for you to pass onto clients because it is not just a question of lagging pipes and checking gutters and roofs.

It is vital that the insurer is treated as a partner and is kept informed of changes to your circumstances

Renting a room

With the government allowing householders to earn up to £7500 per annum for renting out a room, this is a large incentive as household bills and inflation are increasing. Tell your insurer.

Being away from home for more than a holiday

If you are going to be out of your property for an extended period – a month or more, tell your insurer. Holidays are usually fine but take nothing for granted. A quick call to your insurer will give you peace of mind and most times will not mean an excess charge.

Don’t underestimate the value of your belongings

Underinsuring to save money on premiums can be a false economy. Insurers can refuse or cap claims where customers are found to have deliberately underinsured. However, telling the difference between knowingly underinsuring and simply failing to price the replacement value of belongings is a difficult differentiation to make.

The simple answer is not to take any chances and price the contents of your house realistically. If in any doubt – talk to your Mortgage or Financial Adviser who can assist and review the contents cover you have in place.

A more secure property can mean lower premiums

Alarms, upgraded door and window locks not only provide greater peace of mind but are also likely to be looked on positively by your insurer and rewarded with lower premiums.

Action this day

All property requires maintenance and ignoring minor faults can end up costing far more to fix when a major problem becomes evident. Time spent on regular inspection and not putting off necessary maintenance jobs can be a lot less expensive in the long run.

Home insurance is not a substitute for neglecting to look after your property and general ‘wear and tear’ will not be covered. For example, when was the last time you checked your roof for missing tiles? Left too long, it can result in a severe roof issue and ingress of rain and worse.

There is an old military saying - ‘Time spent in reconnaissance is seldom wasted’. Knowing the state of your property and updating that understanding with timely interventions when required will save you money and minimise the possibility of insurers loading your premiums for making large claims.

And of course, when it comes to the time that the policy is due to renew, advisers can add that extra value by getting in contact and reviewing the cover to ensure it is still appropriate and competitive and remains fit for purpose.