Is your home underinsured?
A guide to buildings and contents insurance Is yours one of the 20% of households at risk of underinsurance?
The serious floods of summer 2007 showed – among many other things – that many of Britain’s households do not have enough insurance cover to protect themselves from all that bad luck and ill weather can throw at them. And research shows that one in five households could be underinsured because they did not know how much their home contents were worth. If you are one of those without enough insurance, it can be a serious problem, leaving you to pick up bills of many thousands of pounds – at a time when you and your family are also struggling to deal with disruption and return to a normal life.
INDEX What this guide is for – and how it works Before you go any further... What is home insurance? Working out how much to insure your home for What risks does home insurance protect you against? What is excluded? Excess – the part you pay How to avoid needing to make a claim Security Water Floods Fire Trees Advice A legal contract Contents insurance: cover for your furniture and possessions What is contents insurance? Extensions – paying for your contents policy to cover more Common exclusions for contents insurance “As new” and indemnity policies How to work out the sum insured Typical rebuilding costs Keeping the sum insured up to date Glossary of useful insurance words and phrases Check-up table – have I got enough contents insurance?
What this guide is for – and how it works
This independent guide, written by the Association of British Insurers (ABI), will help you to find out whether you are properly insured, as well as explaining everything you need to know when you are choosing a policy. It begins with an overall explanation of how home insurance works. Then, like home insurance itself, this guide has two parts, one for buildings insurance and one for contents.
Before you go any further...
This guide should give you a good...