home movers pack 2017

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items. Home computers are an obvious
example, along with digital cameras, CD
collections, jewellery or paintings. Be
careful with electronic or other equipment,
however, which may sometimes be for
business use. Your potential insurer may
ask and if the answer’s yes, you may have
to look into business cover, rather than
the usual household contents, for that
equipment.
Home & dry?
In general, between them, buildings and
contents insurance cover your house
and possessions against damage or loss
from fire, water, earth and air – including
explosions, smoke damage, flood damage,
subsidence, storm damage, theft, or
vandalism. Bear in mind, however, that
these conditions and the price you pay
for cover vary dramatically, depending on
area. Should one part of a town have been
flooded in the past couple of years, many
insurers may not provide flood cover. Yet
your house is perched on a hillside and
unlikely to suffer such a fate. That ’s when
insurers with strong local knowledge can
work to your advantage. But don’t decide
on anything until you’ve spoken to a
number of potential insurers.
Safe as houses
The reason why they’re referred to as
‘home insurance’ is that the insurer wants
your money for both types of insurance,
and hopes that you’ll prefer the simplicity
of dealing with them simultaneously,
through one company. However, that may
not be the most financially advantageous
route for you to take.
Of course, it stands to reason that you
get what you pay for and if a particular
quote for cover seems remarkably cheap,
it’s vital to investigate why. For example,
some policies offer new for old. Should
you have bought a top-of-the-range stereo
in 1985, it could have cost, say £500, but
a similar model today may be £1,500. With
a new-for-old policy, you’d get a £1,500
replacement. This kind of cover is generally
at a premium. Insurers often assume
various amounts of excess, which can
make the final quotes vary considerably.
The excess is the amount you’d pay out
before a claim could be considered – it
works the same way with car insurance.
The larger your excess, the lower the
quote. Should our stereo owner have an
excess of £200, he’d receive £1,400 for
his new equipment. You have to calculate
which risk you prefer to take: the likelihood
of making a claim against the premium –
the actual insurance cost – which you’re
happy to pay.
What’s the damage?
You may be told that accidental damage
cover is included for a few quid extra. If
you’re no stranger to dropping crockery or
breaking things, weigh up whether this is
worth having. But if you’re sure you don’t
need it, why pay for it? You’re likely to be
asked if you have locks on the windows,
smoke alarms or intruder alert systems.
Taking such easy precautions may not only
save your life, but reduce your premium,
too! Joining a Neighbourhood Watch
scheme also boosts your rating with
insurers, and may even add resale value to
your house.
When you take contents out of the home
– for example, a wallet or handbag, bicycle
or mobile phone, establish with the insurer
exactly what is covered and how much it
costs. This may mean an extra premium,
but it’s better to establish this at the
beginning rather than find out after your
wallet’s been stolen. In any case, get the
cards cancelled and call the police before
going any further.
Many people use freezers, and they’re
often kept in a garage or rarely visited
room. Should there be a power cut, or
the freezer breaks down, you could easily
have to destroy the defrosted contents,
the value of which may run to several
hundred pounds. A number of insurers
include freezer contents up to a specified
value at no extra cost to you. That’s of little
concern to the person living alone, but
when you have a large family and depend
on a fully stocked freezer, that can make a
big difference to your outgoings.
So now you know exactly what you’re
getting from your insurer and how much
it’s going to cost you.
But imagine you come home to find
out that you’ve been burgled. There are
hundreds of books on the floor, all the
cupboards have been tipped out, there are
CDs everywhere … what’s missing?
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