For 99% of people their home is the most valuable thing they are ever likely to possess. Whether a penthouse or a manor house our home is our castle and we should make sure that we are properly protected in the event of a catastrophe. What would happen if the roof leaked and ruined your prize possessions? What would happen if you were robbed or you had major storm damage or a fire? None of these scenarios are nice to think about and most of us think it will never happen to us. I am a great believer in positive thinking but it would be foul hardy to leave such events to chance.
So lets assume that you have at least considered your high value house insurance but at the time of placing the policy it was not a high priority and after further consideration you think you need to look at it more closely. Fear not you are not stuck in the same policy forever and the good news is you have been wise enough to consider the fact that maybe you are not properly insured.
Perhaps you have read somewhere that if you are not insured for the correct value for your house or contents that your policy could be invalidated and therefore you are paying a premium for something that would not even pay out in the event of a problem. Sometimes it can be scaremongering for Insurance companies to say this but that said some policies do have clauses in that do result in non-payment. If you have a high Value home, and by that we are referring to homes that are worth anywhere over £800,000 then standard, one size fits all policies are not to be recommended. There are two good reasons for this.
Firstly we have the issue of the potential under insured clause rendering the policy worthless. Lets be honest those that have homes worth £800,000 probably have a little more to insure and making sure that you have properly detailed your contents may not have been a high priority at the point of getting insured.
Secondly, the standard policy is not always the most cost effective. All to often people think that the one size fits all policy is bound to be the best value but this is not always the case. Insurance companies will have their lost leaders in the mass market home insurance for houses worth £100,000 – £500,000 and then look to make much larger profits on those they consider less likely to shop around. In other words those with high value homes to insure. A specialist high value home insurer has no such issues. As the name suggests they specialize in high value home insurance and therefore as their only market they aim to provide cover at the best possible rates so as to secure their clients. The larger one size fits all insurers are less likely to be overly concerned about the high value home clients as there business model is aimed at the mass market.
Do you need any assistance in switching your home insurance?
Give us a call on 01525 715 838.
Here at McLeod Insurance we specialize in high value home insurance so all of our efforts are aimed at providing a first class service to these specific clients. Our model is simple enough really. If we can provide first class cover that ensures a payout in the event of a claim and if that cover is both bespoke to the client and cost effective then we will retain our clients and therefore grow our business. For us it is not about hopefully catching a few clients that are prepared to over pay for their insurance and more about looking after clients that and ensuring that they are properly protected in the event of a claim.
There is quite a distinction between the two. That’s why we can come out to your home and help with inventory if the need arises. That’s why we get to know our clients and very often become friends with them, as sometimes a personal touch is required. Our clients know that they can put a call into us asking who this or that may affect their policy. Do I need to add this purchase to my policy etc? We are there to help and as I have said before to ensure that you get paid in the event of a claim. We ensure that all of our policies do not have any small print saying that they are invalidated if you are under insured. These types of small print policies can be heart breakers and of course you never realize until it’s too late.
Let us take some of the strain away. If you are unsure about the details of your policy then give us a call and we will take a look through the small print for you. We will give you free advice and to be honest if you are properly covered we will tell you so. We are in the market of gaining clients for the long term not just one year. If we think we can help we will advice accordingly and at the very least you will walk away with the knowledge you need and as they say, knowledge is power!
If it turns out your current policy is not up to scratch we will be able to advise you on the next more and walk you through it with the least amount of stress. Don’t forget we specialize on high value home insurance so we do this all day, every day. We are here to help so give us a call today.