How to Manage Your Home Insurance Policy

Managing Home Insurance Policies: Insuring Yourself Against the Uninsured

Is your home already insured but you don’t know how to manage it? If so, the following article will help you know to focus on the aspects of the policy that you can control, such as keeping up with payments, renewal, and cancellation of your coverage.
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In case you’re wondering,

Home Insurance Policy1 is a contract between the policyholder and an insurer. It’s a requirement for every homeowner and renter. To protect your property, it’s important to have the right coverage and know how to manage your policy.

Changes You Need to Declare

Everyone’s circumstances change over time, and with the stress that frequently comes with major events, it’s easy to miss the financial impact they might have.

You see:

There are a variety of reasons you might need to call an insurer to alter your house insurance policy, from relocating and having construction work done to taking in a lodger and purchasing pricey new goods like bicycles or antiques. If you don’t, you risk violating the conditions of your policy and having any future claims invalidated or reduced in value.

You should notify your provider of the following changes:

  • Expensive Items

New expensive and valuable things like jewelry, bicycles, hi-tech gadgets, and antiques may cost more than your policy’s single item claim limit (usually £1,500 to £2,000).

  • House Construction

Building work, particularly large work such as adding a rear addition, garage, or loft bedroom, might alter your property’s risk profile

  • The Total Value of Your Belongings

People tend to gather more belongings as they grow older. The combined worth of these items may be greater than the original total claim limit agreed upon with your insurer when you first purchased your house insurance, necessitating an increase.

  • Taking in a Lodger

Now:

If you take in a lodger2, you must inform your insurance of the person’s identity. If the lodger causes damage to the house, such as a fire or stealing anything, or if a friend visits and does damage, your insurer is unlikely to pay out because they were unaware that person was living with you.

  • Getting Married/New Partners

If you marry or move in with a partner, you must name that individual on your insurance policy for the same reasons as lodgers.

  • Occupation

Because your risk profile may alter to the point where your coverage has to change, not all occupations are equal to all insurers. If you work a lot and leave your house unoccupied, it has obvious security implications.

Keeping Your Policy up to Date

Most insurers allow you can alter your coverage at any time, such as if you want to:

  • Add Extra Cover Options

Fun fact:

You may consider including the home emergency cover which provides prompt assistance in emergency scenarios or accidental damage insurance which protects you and your family from unforeseen circumstances or personal belongings insurance which covers you if you lose or if someone stole your expensive item.

  • Remove Extra Cover Options

Consider raising deductibles to reduce monthly premiums

  • Change Your Coverage Limits

If you want to increase your liability limits, think about how much more it would cost and make sure that is something you are ready for.

Renewing Your Policy

You must contact your insurer to make changes to your house insurance policy.

Let me show you

This can be done by:

  • Writing to them
  • Logging into your online account if your insurer offers this facility
  • contacting them at the telephone number listed on your policy documentation

If you call, make sure you have your policy number handy because it will make it easier for them to locate your information.

If you call or request a change online, most insurers may make changes to your policy right away.

Most insurers will not charge you a cost for making a policy change. However, others may charge you a fee of roughly £10. Also, take note that any changes may result in an increase in the cost of your insurance.

Cancelling Your Policy

A home insurance policy can be canceled at any moment. After you first take out a policy or receive your insurance documents, you have a 14-day cooling-off period during which you can cancel without being charged other than perhaps a small fee to cover the days the policy was in effect. You will normally have to pay an administration cost of between £35 and £50 to cancel your house insurance after this term.

Because cancellation requests for home insurance cannot usually be backdated, your policy will be canceled only after you contact your insurer even if you haven’t needed it in a long time. Even if you’ve terminated your direct debit, which you should only do after speaking with your insurer and canceling your policy, this is still the case.

How to Complain

You have the right to file a complaint if you are dissatisfied with your insurance company’s service or the way they have treated you.

There’s a step-by-step process you can go through to try and resolve the issue:

Here’s how:

  • Call Your Insurance Company

With a brief phone call to the insurance company’s hotline, you may be able to handle a problem informally.

  • Send a Written Complaint

You can file a written complaint if you’re unhappy with the company’s answer to your informal complaint or if you’d rather write a letter than call

  • Contact the Financial Ombudsman

You can submit your complaint to the Financial Ombudsman Service (FOS) if your insurer does not resolve it within eight weeks or rejects it. FOS has the authority to award up to £150,000 in damages to an insurance firm. You can get claim forms on the FOS website or by calling 0300 123 9123.

Common Questions

Should You Change Home Insurance Every Year?

Can I Change My Home Insurance Policy Anytime?

Is It Difficult to Change Home Insurance?

How to Cancel Your Insurance Policy Without Incurring Fees?

In Conclusion

Homeowners may have a lot of options when it comes to managing their home insurance policies. They can choose between whole and contents coverage, liability coverage, or no property damage coverages altogether.

By now you should,

Choose the right one depending on what you need protection against at home. It’s vital to know how to manage your home insurance policy after you avail it. It’s also recommended to speak with your insurance provider to know more regarding your policy.

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