Household Insurance - Do you know what cover you need?? Are you covered correctly??

Research from many insurance companies suggest that less than a quarter of homeowners are clear about what is and isn’t covered under their home contents insurance, while only one in five are likely to know exactly what their buildings insurance covers.

It may come as a surprise to many people, but the vast majority of homes and their contents are underinsured. This can have devastating effects in the event of a claim. Policy wordings will vary, but if at the time of a claim your sum insured is inadequate, you may find that your claim paymen is reduced. This could leave you having to find the money to complete repairs or to replace essential belongings, from your own pocket.

What should you do?

• Check the sums insured on your policy.
• Review: the total cost of rebuilding your home; the full replacement cost as new of all household contents including personal possessions and valuables; the current market value of fine art, antiques and collectables – There are websites that can help you with this and these can be provided upon contacting Penguin Insurance.
• If you have any doubts as to the correct amounts, we recommend you seek professional advice – If professional advice is taken, a copy of the report would be of assistance. This can be done at any time during the life of your policy and does not have to be left until the renewal date.
• If you need any further assistance or advice please do not hesitate to contact Penguin Insurance.

Penguin Insurance Managing Director, Martin Lees, comments: “I hope that this article will help to bring home insurance policy terms and conditions to life and so help people to better understand and appreciate the value of their home insurance cover.”