Have you had a big online shopping spree recently and bought a high value treat? Or perhaps you’ve treated the kids to a new games console? Or you might have even splashed out on that new top of the range bike that you’ve been dreaming of… but is it covered by your home insurance? Keep reading and we’ll take you through the ins and outs of making sure your latest treats are covered.
Check your policy
You might have taken your home insurance policy out months ago and since then the contents of your home, and their value, could have increased drastically if you’ve made some expensive purchases. It’s important to regularly check the limits within your policy to make sure that the belongings in your home fall within the cover limit, so that in the case of them being damamged or stolen, you are fully covered for repair or replacement and also check the small print for any exclusions.
Items such as bikes aren’t always automatically covered by a home insurance policy and may need to be individually listed under personal possessions in order to be covered for loss or damage.
Single item limit
It’s a good idea to keep in mind what your single item limit is on your home insurance policy when making new purchases. Something as simple as purchasing a new TV could result in that TV not being covered for loss or damage if your single item limit is £1,000 and the new TV cost £1,200. Make sure to check your limit and ensure it’s sufficient for your belongings and also check with your insurer if items of significant value need naming separately on the policy to be fully covered.
With the warm weather tends to come garden makeovers and purchases of new garden furniture, hot tubs and barebeques. Again, its worth checking the small print on your policy to make sure that your outdoor possessions are covered and up to what limit along with what they are covered for, as not all policies will cover damage to outdoor possessions due to weather events. It’s also important to make sure that high value outdoor items are locked away securely to comply with the conditions of your policy.
In summary, if you are making regular purchases throughout the year, it’s important to regularly review your home insurance policy along with it’s limits to ensure they are still adequate for your needs throughout the whole duration of your policy to avoid not being covered in the event of damage or loss of your most prized possessions.