Homeowners Advised to Check Levels of Contents Cover at Christmas
Recent research by the independent financial research company Defaqto has revealed that 90% of UK home insurance providers will automatically provide policyholders with a temporary increase in the levels of cover for their contents throughout the Christmas period. If you are a homeowner it is advisable to check the small print of your home insurance policy to see whether your home insurance incorporates this type of flexible feature.
With Christmas coming up with their is usually a large increase in the value of expensive presents left within most households. At the same time these are left unattended as relatives visit each other. Unfortunately the increase in the number of empty properties for short periods has also led to an increase in the number of burglaries related to Christmas presents and other valuables. Insurers advise that homeowners do not put their Christmas trees on display with all of their gifts beneath the tree and not to face the tree where burglars can clearly see in through a window.
The research demonstrates that insurers have responded proactively to the needs and requirements of policyholders by ultimately providing temporary increases in the levels of contents insurance cover. The research showed that the increases provided by insurance companies ranged from £1000 right up to £25,000. In percentage terms the typical temporary increase was between 5% and 25% of the value of the contents. The research showed that insurance companies were providing this temporary cover from between 30 to 60 days prior and preceding Christmas.
Mike Powell, Defaqtos general insurance analyst, said: Many home contents insurers have responded to their customers needs by increasing coverage limits for specific events or religious occasions. This caters for the increase in the overall value of the propertys contents in the form of potentially expensive presents or gifts and helps protect people from the possibility of being underinsured. The temporary increase limits, and occasions for which these increases are given, vary considerably between policies so it is important for people to check that they have adequate home insurance to cover their needs this Christmas.
If you're not sure whether or not your existing home insurance policy provides temporary cover throughout the festive period it may be a good idea to speak to your insurance company to clarify the policy detail. Alternatively speak to a qualified insurance broker so they can shop around on your behalf for more comprehensive home insurance policies. Some policies provide you the opportunity to list specific items of high value. This list may protect you in the event of theft or damage or other disaster in the future.
Meanwhile a ten day cold snap has just been forecast by meteorologists. So now is an ideal time for homeowners to lag any water pipes in the home to prevent the risk of burst pipes leading up to the festive period. Freezing conditions always leads to an increase in the number of home insurance claims related to burst pipes and related damage caused from freezing cold weather.