17. Why basic home insurance might be the expensive option
Sometimes you really do get what you pay for. A classic example of this is cheap home insurance – it seems like value for money but actually ends up costing you more than you thought. The questions you need to ask yourself are, do I know the true cost of replacing the contents of my home AND could I afford to replace them if they were destroyed? If the answer is no to either of these questions, then you might want to make sure that your policy really does provide the cover you need.
Personal possessions away from the home
This might be your phone, wallet, glasses, camera, keys… anything you carry on your person while out and about. This level of cover is often an additional option on standard home insurance policies, and will likely increase your premium. However, it really is worth weighing up whether the increase to your premiums might be worth it; consider the cost of replacing the entire contents of your handbag if it was stolen and the whole lot went in one go. People tend to underestimate the total cost of the contents of their handbag, but it can quickly escalate. Take a look at our calculator to see how much it could cost you.
Not all insurance was created equal and this is especially true when it comes to bicycle cover. Over 760,000 people cycle to work, but unless they have specified that they want bicycle cover as part of their insurance policy, then it may not be covered away from the home. Together Mutual can cover up to three bikes worth up to £1,000 each under Bicycle cover, so for the enthusiast that has one bike for the commute to work and one for play, this is great comprehensive cover.
Individual items worth over £1,000
Engaged, married or inherited an heirloom recently? Engagement rings, paintings and other expensive items over £1,000 should always be specified on your insurance policy to ensure they’re covered. Life events don’t conveniently occur just as you’re renewing your home insurance, and unless you get in touch with your insurer to tell them of the new piece of jewellery that you’ve acquired then your new item might not be covered. There are no additional fees for mid-term adjustments with Together Mutual if you need to amend your policy, and it will give you peace of mind that you’re covered… don’t wait for your renewal reminder, get a quote for those expensive items now!
There is a whole host of eventualities that could leave you needing to evacuate your home. For instance if your home is at risk of flooding then alternative accommodation will ensure that should the worst happen you have somewhere warm and dry to stay. Also, external floodwater can be dangerous and, depending on the damage, could make your home uninhabitable for days, if not weeks. Together Mutual offer alternative accommodation that you can use anywhere in the UK and Europe*, so if you do have to leave your home for an extended period, you can always make the most of it and have yourself a holiday.
Approved contractors to carry out repairs
If you’ve ever tried to find a decent tradesman that has availability then you will know the frustration involved. Couple this with a home emergency and, well…it doesn’t make for a pleasant time. Together Mutual reduce this stress by making sure approved contractors come out to your home to fix the immediate problem under their Home Emergency cover, included as standard with our policies. Not all policies include this, so if you want peace of mind that you’ll have someone to help if your pipes burst, or the roof falls in, then check your terms and conditions. See how our policies stack up and whether it might be time to upgrade your insurance. Whilst it may increase your premiums to have additional protection, Together Mutual has methods of lowering your premiums while not compromising on cover. Paying by monthly direct debit and increasing the voluntary excess can save on monthly costs, while still getting the right level of protection.
Top tips to ensure you’re covered
- Always read the terms and conditions, especially the exclusions
- Value the cost of your contents correctly
- Specify valuable items
- Make your home secure – prevention is better than the cure
- Look into getting additional cover, such as Personal Possessions and Home Emergency cover
If you’re wondering whether you have the right level of cover give us a call, we’re here to help.
* In the UK and Europe, within the rental amounts and policy limits stipulated by Together Mutual Insurance.