 |
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Doubling Up On InsuranceRecent reports have suggested that some people may well be under insuring the value of their possessions and by an average of as much as £9,000. For some this is an intentional step to reduce the cost of their home insurance premiums in the wake of the credit crunch, whilst others may well have under insured their possessions by mistake.To further complicate matters some consumers may well be doubling up on the insurance that they do have. According to a recent report by a leading British insurer many consumers purchase standalone cover from retailers when the products that they are buying would already be protected on their existing home insurance policy. The research showed that 23 percent of consumers would buy additional cover for new watches, mobile phones, televisions or other expensive electrical goods when they buy the original item. This cover often protects against loss, theft or damage. Whilst this might seem like a good idea, and the salesman will almost certainly tell you that it is, over 3.3 million homeowners who already have personal possessions cover included as part of their home contents insurance would be buying this extra protection unnecessarily. If you are going out and buying products in the January sales, or even received expensive new gifts for Christmas you should consult your insurance policy, or speak directly to your insurance company to make sure that you know exactly what your existing policy covers you for. You should not, however, simply assume that your insurance policy will cover you for everything, particularly if one of the new items is a particularly big or particularly expensive item that would usually be named individually on an insurance policy. In the post Christmas period, then, it may well be worth quickly re-evaluating the value of your possessions. Recent reports have suggested that crime may well increase during the recession and if you do happen to be a victim of theft, you will want to make sure that your most valuable items are covered, so that you can replace them should they happen to be stolen without suffering any extra costs yourself. Home insurance is a vital commodity but it doesn’t necessarily have to be an expensive product. You should make sure that you do not under insure yourself just to save a few pennies, particularly when there are other things that you can do fairly easily to reduce the cost of your premiums. If you are looking at getting a new insurance policy take a look at a reputable company like the Co-Op for home insurance policies.
|
|
 |
| Home | Advertise | Submit Ad | Terms/Privacy | Contact Us | Login |
 |
|||||
