Richard McLeod of McLeod Insurance has been in the household and motor insurance area for over 25 years. In this time he has picked up many tips on making the insurance process easier for his clients, whether that be for setting their insurance up or having something in place if the very worst were to happen. Below we share some of his top tips:
- Take photographs of every room in your home and store then either away from the home or on a cloud. This can have a huge effect on expediting a claim both from the Insurance company’s perspective and also reminding you of the things that you have accumulated over the years.
- Most policies now offer ‘new for old’ cover for your contents and valuables. Therefore, new replacement values should be calculated irrespective of the age of an item. A good exercise is to go from room to room and try to calculate the new replacement cost of all items. Whilst it may not be viable to put a cost down to the last tea spoon, a combined cost of different areas can give you a much better idea of your overall contents sums insured i.e cutlery replacement circa £150, electricals circa £8,000, Bedding circa £1,500…
- When calculating your contents and valuables, do not forget to include things tucked away in drawers, sheds, attics, garages etc…
- Also, when calculating your contents do not forget to include what is in your wardrobes. If you are lucky enough to own bespoke suits then the new cost of these could be anywhere from £800 to £5,000 each! In addition, a wife’s shoes and handbags can easily run into thousands of pounds when calculating the new replacement cost.
- Ask your insurer or broker if increasing your security at your property will have a positive impact on your premium. It may be that adding an alarm or safe will reduce the cost of your insurance, which will help with the installation cost. This may also be the case with fitting additional security to a vehicle i.e tracker.
- If you use your insurance policy for catastrophe cover then increasing your excess level can considerably reduce the premium you pay. If you would not consider claiming for under £500 or £1,000 then exploring the possibility of increasing your excess to these levels may reduce your premium considerably.
- Escape of water claims is the peril home insurers pay more out for than any other. The unseen damage that a burst water pipe can cause can run into thousands. This problem becomes of even greater concern to second residences or properties where there is low levels of occupancy. A water leak detection system can be fitted to residential properties and helps mitigate any potential water damage claim. Insurers are beginning to see the benefit of these systems and many are now happy to offer discounts for one to be fitted. Dantaet is one such company that is recommended by some High Value Home Insurers – www.dantaet.co.uk
- If you have a collection of watches and/or jewellery then it can make sense to fit a safe at your property. Other than keeping your jewellery left at home safe, it may also raise a discount from your insurer.
- Finding a motor insurance policy that includes agreed value or gap cover can be important for new vehicles. This cover should ensure that a new replacement vehicle can be purchased in the event of a total loss.
If you have a collection of Fine Art , jewellery and/or watches then Insurers recommend an up to date valuation is carried out every 3-5 years. It may be that potentially faster moving markets i.e gold, quality diamonds, popular artists are reviewed at more frequent intervals.