Buildings & Contents Insurance – Are You Leaving Yourself Exposed?
by Sophie Pomeroy, Building & Contents Administrator, Manning and Company
Buildings & Contents insurance is like anything in life – you get what you pay for!
In these times of economic hardship, people are looking for ways to reduce the cost of living, and Buildings & Contents insurance can be one area under scrutiny. It may be tempting to cut your level of cover, or even cancel it altogether – perhaps thinking it’s worth the risk, given how infrequently you may have made a claim in the past.
But under-insuring your property is a false economy and leaves you over-exposed to risk. What’s more, failing to have Buildings insurance could be in breach of the terms of your mortgage.
The recent spate of floods and bad weather has highlighted the importance of having fully comprehensive cover. Many people wrongly assume that most Buildings & Contents policies will cover every eventuality. Sadly this is a common misconception – which one of our own advisers recently discovered to his cost.
Storm damage to the roof of his house resulted in rain pouring in. The insurance company were disinclined to respond, and generally unsympathetic. Our adviser had to organise the repairs, and pay for them out of his own pocket – a cost of over £10,000. He then had to chase the insurance company to get reimbursed. All of this was, of course, very time consuming and stressful!
So, ask yourself if you really can afford to take the risk. Even if you already have a policy in place it is still worth reviewing it, even if just to ensure that you have the correct level of cover for your individual situation.
With our expertise we can make sure you have the right cover and, most importantly, peace of mind. Do get in touch – we will be happy to help.