Are you protected for winter?
One thing over the festive season that is easily overlooked… protection. From winter weather to high value items, have you made sure your policies can handle what winter brings?
Presents and Contents Insurance
It’s likely you’ll have more high-value items in your house following the festivities or buying yourself gifts in the countless seasonal sales! Regardless of the why, there are ways you can make sure your contents insurance is up to the task.
Firstly, some insurance providers will offer enhanced cover around religious festivals, such as Christmas and Hanukkah. This cover is not universal, so check your current contents policy and contact your adviser to discuss your options if you would like it.
Secondly, if you have been treated to a gift with a rather large price tag then you should check the single item limit on your contents insurance. This limit means the policy will only pay out up to a specific amount for one item. It varies but the limit is usually between £1,500 and £2,500. So, check what value your policy will cover and, if your new item is above the limit, you may want to consider making it a named item. This could increase your monthly premiums, but otherwise the item won’t be fully covered should it need replacing.
A Government-commissioned review has concluded that potentially tens of thousands of homes in flood-risk areas aren’t protected against flood damage. This protection usually consists of buildings insurance for the property and contents insurance for your belongings. Without this, should you be the victim of flooding you may find yourself facing a hefty bill to replace your valuables and repair your home. And that would probably be the last thing you’d want.
The review also found that although most of the homes investigated had insurance, 6% of the policies didn’t cover flood damage. Whether a provider can omit flood damage cover depends on various factors, such as when the property was built. So, check your policy to see if you’re protected.
Similarly, not all insurance policies cover external buildings, such as sheds. So, if you are concerned about damage to your outbuildings caused by floods or storms, check your cover. You may have to pay extra for this, so speak to us if you want to know more.
Please protect yourself and your loved ones. We can help you figure out your options or put you in touch with an authorised specialist if necessary.
Sarah Tucker – Founder/Director of The Mortgage Mum