The last year has added a myriad of risks to an already drastically underinsured property market. Whether this is the near 700,000 people that have had a home gym installed according to Powered Now, or the 12% of Brits that have rushed their home moving process according to data from property concierge platform Moveable, the last year will have seen millions of policies drastically affected, and perhaps void entirely.
6 million homes in the UK don’t have any form of home insurance according to Nelson Insurers, which amounts to £266 billion of content at risk.
After a year of home improvements and rushed-house purchases, Simon Bath recommends asking:
Have you had a detailed conversation with your insurer to discuss the scope of your contents insurance? To be fully covered, your insurer needs to know about expensive items over a certain value, new sheds or outhouses, and any changes made to the building. Many people have bought new expensive gadgets, completed home renovations, or built gyms over Lockdown, so it is vital you inform your insurer of any of these changes.
If you have moved home, do you have insurance from the date of exchange, which is often before you move? Does your policy cover moving items, and does it require your removals company to have their own insurance? Moving home comes with its own specific set of risks and requirements.
Premiums are at an all-time high, did you give yourself time to shop around for the best deal? Not every home insurance policy is made equally, and many Brits are overpaying. The Financial Conduct Authority reports that 6 million Brits are spending too much on their insurance, and if those paying over the odds paid the average, the nation would save £1.2 billion a year.
Simon Bath, CEO of Moveable, discusses the importance of being fully protected:
“The data shows an incredible amount of peoples’ possessions and livelihoods are at risk thanks to a lack of insurance, and now so many of us are spending more time at home, it is more important than ever to be fully protected.
Home and contents insurance is a tricky subject at the best of times, and one that many people get wrong. When rushing to make the stamp duty deadline, organising a policy can easily fall by the wayside. Even for those that that haven’t moved home, new and expensive equipment can add fresh risk – worsened when in a shed or garage.”