Insurance coverage is tricky and headache-inducing for many of us. It may seem like the most boring task on Earth, but checking to see what is covered before it’s too late is very important. When you acquire new items or realize that you may not be adequately covered right now, take advantage of this opportunity to make sure that you have adequate descriptions insurance. Buildings insurance may not change drastically if you aren’t renovating, but people constantly acquire and get rid of stuff.
The first step in checking whether your insurance is adequate is to obtain a copy of your policy. You may still have the policy that the insurer sent you when you signed up or you may have to request a new policy copy. Either way, make sure you have the full policy you can check what is included.
Look at the excesses for each peril.
Check to see what the excess on your policy is. The excesses may vary depending on the peril or there might be one fixed excess for any type of claim. Either way, make sure you are familiar with your excess. Evaluate it to see whether it seems fair. For example, if you started with no excess because you couldn’t afford to pay before the insurance company would help you but you are now in a better financial situation, you may be able to keep a few hundred pounds in a savings account and raise your excess to save money.
Check which perils are included and which aren’t.
Some perils are included in most policies, but certain perils such as subsidence and flooding may not be covered in all policies. If you are at particular risk for a certain type of natural disaster or damage, you may want to purchase additional descriptions cover to ensure your property will be covered in case of an accident or disaster. If you are fine with the list of included and excluded perils, you don’t have to do anything, but you should be aware of what is and isn’t covered.
Look at the overall coverage limits and individual limits.
All policies have an overall limit, such as £10,000 or £50,000, and you can probably easily find this amount on your certificate or policy, but this isn’t the only limit you need to be aware of. A lesser-known fact is that most policies limit the maximum amount you can claim for each item. If you have an expensive gaming laptop that exceeds the computer claim amount or a musical instrument you can’t survive without, make a list of these items.
Think about any high-value individual items and collections.
Many policies exclude collections, antiques, and other such valuables. These tend to have a high value and are easy to damage and an easy target for vandals and burglars, so companies want to avoid insuring them. Add any collections and high-value items that the policy doesn’t specifically address to the list of items you need additional insurance for.
Call your insurer and ask about exclusions and inclusions.
When you have a list of items that are not covered or that you think might not be covered, call your insurer and ask how they handle these items. Some may reimburse you up to the coverage limit while others may not insure the item at all. Certain items may not be specifically mentioned on the policy, so it’s worth calling to ask whether they are included in the policy. Get their answer about coverage in writing, if possible.
Look into additional coverage for remaining items.
Any items that are not covered by your existing policy may need additional insurance. Think about how much you value these items and how much you would miss them if something were to happen to them. There may be a high-value item you wouldn’t miss much and don’t mind not insuring or one that you could replace with a lower sum of money, but if there are high-value items you rely on such as a musical instrument for your performances or a computer for work and school, you’ll want to check into supplemental coverage.
Additional descriptions insurance is important if you own any items that are excluded in a policy or your policy excludes particular perils. If you aren’t careful, you could end up paying for items that you thought were insured, which is why it is important to sit down and figure out what exactly your policy covers.
Sam Jones the author of this article finds that when needing information on any financial aspect, the comparison website uSwitch.com always has the latest offers and deals available.
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