4 Things To Remember When Renewing Your Home Contents And Home
Buildings Insurance

4 Things To Remember When Renewing Your Home Contents And Home Buildings Insurance



4 Things to​ Remember When Renewing Your Home Contents And Home Buildings Insurance
Each year when our renewal notices come through the​ post for our home contents insurance and/or home buildings insurance,​ most of​ us automatically sign the​ form and send it​ back to​ the​ insurance company – after all,​ we already know how much the​ premiums are going to​ be .​
Big financial mistake,​ and here are 4 reasons why:
Did you​ Buy Anything New in​ the​ Last Year?
If you​ bought anything new in​ the​ last year,​ say a​ new television or​ video recorder,​ then the​ value of​ this new purchase will not be included in​ the​ renewal notice you​ just sent off to​ the​ insurance company .​
Likewise,​ if​ you​ sold anything of​ value over the​ last year,​ and have not informed the​ insurance company,​ then you​ are paying home contents insurance for something you​ no longer own .​
Either way,​ your not paying the​ right amount of​ insurance premiums.
Did the​ Costs Stay Static?
If you​ have home contents insurance then you​ are insuring your personal property for the​ replacement cost of​ buying the​ same thing new .​
on​ the​ other hand,​ part of​ your home buildings insurance should cover the​ cost of​ labour and materials .​
Now ask yourself,​ would the​ cost of​ replacing the​ picture hanging in​ your living room be the​ same today as​ it​ was last year? If the​ answer is​ that it​ would cost you​ more,​ tough luck,​ you’ll only get paid out what you​ said the​ cost of​ replacing it​ would be! the​ same can be said of​ your friendly builder,​ would he charge you​ the​ same for an​ hour of​ his time and for his materials today as​ he would have done last year? If the​ answer here is​ no,​ then you​ should be expecting to​ pay him the​ difference.
Did the​ Value Of Your Home Stay the​ Same?
Similar to​ the​ above,​ with your home buildings insurance you​ need to​ be asking yourself whether or​ not the​ value of​ your home stayed the​ same this year as​ it​ was last year? you​ need to​ be asking yourself this question even if​ you​ didn’t do any work to​ the​ house – such as​ building an​ extension – that would naturally automatically add value to​ your home.
Is Your House Any Safer Today?
Here the​ question is,​ have you​ done anything to​ your house over the​ last year that would mean your home would be considered safer today than last year? For example,​ did you​ add any deadlocks to​ your doors or​ windows? If so,​ then there’s a​ very good chance your home contents insurance premium would be reduced,​ as​ the​ security in​ your house is​ a​ major consideration in​ assessing your premium (along with the​ crime rate in​ your neighbourhood,​ so you​ may also want to​ check and see if​ this has gone up or​ down also).
Keep in​ mind that time stands still for no man .​
as​ such,​ you​ need to​ read your home contents insurance and/or home buildings insurance renewal notices very carefully to​ make sure that they reflect,​ as​ accurately as​ possible,​ your life today and not your life of​ yester-year.




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