08 February 2016

How to find the right home insurance for you

To make the home insurance renewal process easier, we’ve put together a couple of suggestions to help you to decide whether your policy continues to meet your needs.

Calculate your contents

Go through each room in your house, thinking about how much it would cost to replace everything in your home. Don’t forget to include soft furnishings like carpets and curtains, which can be very expensive to replace.

Review your existing cover

When you receive your renewal letter, the first thing that you should do is assess whether your existing policy still meets your requirements. You might have more furniture that needs to be covered, or your household goods may have increased over time.

In addition to calculating the value of contents in your home, ask yourself:

  • Have there been any permanent changes to the household, such as a child moving out?
  • Have you bought anything significant that you might want to specify?
  • Have you made improvements to your home?
  • Do you need to amend/add optional covers?

‘Most people’s lives change dramatically over the course of a home insurance policy of 3-5 years,’ says Nationwide Product Manager Darren Black.

‘Always review your policy at renewal to make sure that your cover still matches what you would really need to replace items,’ he emphasises.

Choosing a new home insurance policy

‘If you decide to switch provider, be aware that insurance features may be stripped back to lower the price’, cautions Black.

Some insurance policies available on the open market today don’t offer the same quality than those issued five or 10 years ago. For example, the excess you pay on a new, lower-cost policy is higher. ‘An older policy may pay out £500 to replace locks, while a newer one only covers up to £250,’ he says.

You may incorrectly assume certain types of damage are covered. Some insurance pays out for fridge and freezer contents that perish; others don’t. Not all insurers pay to remove and replace parts of buildings to find burst pipes.

‘Subtleties like this are incredibly important: you don’t just need to check whether they cover you for the same things, but whether insurers treat these features in the same way,’ cautions Black.

Your provider must give you reasonable notice of your home insurance renewal date, but many of us still struggle to find the time to review our options.

Find out today whether Nationwide could offer you the right home insurance for your needs

Article updated on the 30 March 2016

Other information you may find of interest

Home insurance is underwritten and administered by RSA Insurance Group plc

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