Before we all get settled for Christmas please please check your insurance. If anything goes wrong at this time of year the last thing you want to happen is find out you are under insured or don’t have the correct cover.
If you have done some Christmas shopping, have you photographed the receipts? If you have made improvements to your home this year, have you upgraded the sum insured on your buildings policy? Please take a few moments before the festive season fully kicks in to ensure you are covered.
If your home is insured for £150,000 and you have improved it recently and it is now worth £200,000 you are 25% under insured. This means that any claim you have, even if it is for a small repair will be reduced in value by 25%. As you will still have to pay the full excess, it can mean there are many things that could happen that will not be worth claiming for.
If you have a major incident like a flood with damage costing approx. £50,000, your maximum settlement would be £37,500. That is a big difference to find when you are struggling to get things back to normal. It is a good idea to check your insurance from time to time to make sure any changes in the sum insured have been notified.
Contents values will always change at this time of year and you want to make sure that you can prove how much items will cost to replace. Remember a frozen princess dress from B&M will cost way less than one from the Disney store. Without a receipt, how will you prove which one you bought?
In case of the unthinkable fire or flood damage, make sure you know where your insurance documents are or put your insurers number on your phone with your policy number. Taking a few minutes now before the festivities could save you a whole lot of heartache later on.
Why not make it a fun thing to do with the kids? Go around and photograph your home, take pictures of every room and major items. If you can, take a clear picture of the make of tv/computer/washing machine etc. It will make it easier to arrange a replacement should anything go wrong.
We all hope it won’t happen to us, but no harm in being prepared so that life will be much easier if it does.