If you are planning to renew your home insurance policy, perhaps it is time to search for a better offer. The market stands at your disposal with a wide range of great options, options you might not even knew you had. If the value of your property is a high one, you probably want to be certain that everything will be replaced, if by any chance, an unpleasant incident happens, leading to damage. Well, in order to be protected against any potential damage, opting for a high net worth home insurance will be necessary. However, how do you know which policy is the right one for you? To make sure you are choosing the best option for your money, keep in mind the following tips:

Resort to a reliable insurance provider

The first thing you should do is find an insurance provider or broker. A specialist of this kind can help you choose an option that suits your requirements best. However, because there are so many brokers that claim to provide insurance advice, you should research the provider’s reputation before deciding to resort to their support. Find out how many clients they have helped find the right insurance offer. Once you know a bit more about the broker, you can choose to hire their services.

Know what’s covered and what’s not

When buying insurance, you need to know what is covered and what is not. Usually, standard home insurances cover incidents such as water damage or fire damage, but usually the coverage provided is on the company’s terms, and you may not have the possibility to choose the renovation materials you desire, or the contractors you want. Moreover if the incident leads to the need of a home rebuilding, you might not receive the real value of your property, which is certainly a great inconvenience. To make sure your every need is covered in case of incidents, choose high value insurances, and you should not face these problems.

Inform yourself about annual increases

Last but not least, make sure you are aware of all relevant details regarding the insurance you decide on, before buying the policy. Usually, insurance policy prices increase after a year, and while some companies maintain a similar price, others add a larger financial request. To be certain that you are benefiting from the best offer you will need a Broker that stays close to the market.

As you can see, there are a few things you need to go over, before choosing a home insurance policy. Now that you have a few useful tips on the subject, you can avoid buying insurance that does not suit your interest or needs. Remember that the Broker you buy from needs to be reliable and trustworthy, and thus put at your disposal the best options on the market, especially if you will decide to opt for high value home insurance. Being well documented is essential when it comes to insurance policies, so do not overlook these few aspects.

Give us a call here at McLeod Insurance if you need advice, a quote or even if you just want us to review your current policy to ensure that you are properly covered. We are here to help.

Richard McLeod
Director at McLeod Risk Services LLP
Richard McLeod LinkedIn profile

Top tip

Using an independent bespoke insurance broker such as McLeod Insurance, can reduce the cost of your policy, whilst also achieving the broadest cover in the market.

Direct policies are NOT necessarily the best value.