Buy-to-let
One in 10 households made a claim on their home insurance policy last year, so Britain's number one comparison site analysed policies (buildings and contents) from the top home insurance providers. It reveals standard policies don't necessarily include all the cover details a household may need in the event a claim is made, such as accidental damage for example.
The research reveals Brits can expect to pay 143 per cent more for a ‘premium' policy, but in some cases as little as £16 or 11 per cent more. Upgrading to a ‘premium' policy from Tesco for example will ensure what could be considered essential details are included. Alternative accommodation costs up to £35,000 is provided, as is home emergency cover, £3,000 cover for personal possessions outside the home and a seasonal uplift of 20 per cent at Christmas.
Julie Owens, head of home insurance at moneysupermarket.com, said: "Our research shows just how much policies vary in the levels of cover they provide. At a time when people are feeling the pinch, it is easy to assume a standard home insurance policy will be enough for you – however this could be a mistake. Knowing the difference between ‘frills' and ‘no frills' policies is crucial; many standard policies will provide a basic level of cover, which in many cases might not safeguard your home and possessions to the necessary extent.
Julie Owens continued: "The most important thing to consider when buying home insurance is what type of cover will suit your circumstances. I advise Brits to think carefully about what they need to cover and the value of those items. Some people for example may have an expensive bicycle or single items of considerable value, jewellery for example. All these things need to be taken into account when choosing your policy. Similarly, I would advise ensuring your policy covers accidental damage and possessions away from home.
