People need to make sure they select a home insurance policy that best suits the needs of their property, an expert has highlighted. Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers Association (Biba), emphasised that some people may have good reason not to change home insurance provider, whereas others may simply find it easier to renew their current policy.
He explained: "Maybe it has been hit by a flood [or] maybe they have got a criminal conviction. There are lots of reasons why they might want to stay with who they are with because it may be the absolute best one."
Insurance brokers are able to find home insurance policies that suit the needs of the individual, both in terms of the cover they need and the size of their property. Mr Trudgill stressed that the cheapest home insurance cover may not necessarily be the best, which is worth taking into consideration when shopping around.
"At the end of the day, it is not just about price. It is actually about having the right cover and suitable protection for you," the expert explained. He added that a good insurance broker will take a person's needs on board, while also not putting pressure on them to change provider every year.
Furthermore, Mr Trudgill said that the home insurance market is highly competitive at the moment, meaning companies may give consumers better offers. "Someone might change from 49 to 50 [years old] and find that their insurance goes cheaper," he explained.
Clydesdale and Yorkshire Banks recently reported that uninsured victims of burglary face an annual bill of £200 million. It is estimated that up to 150,000 burglaries are not covered by contents insurance. |
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