Beware of Cheap and Not So Cheerful Home Insurance

B&C, Buildings and Contents, Home Insurance

When buying home insurance online, beware of this marketing tactic: Many insurance ‘supermarkets’ will show you insurance quotes in order of cheapest to most expensive, without giving much information about the quality of that cover.

The insurers rely on you agreeing to a small premium without paying much attention to the details of the cover. Then, if you don’t shop around for a better deal, your premiums could increase year on year, and you could be stuck with a low level of cover.

The problem with choosing the cheapest option is that many things you would expect to be covered may not be. Which isn’t a problem – until it is. The stressful situation that leads to making an insurance claim can really be made worse by finding out you are not fully covered.

Read the two true examples below:

Water Damage Cover

Jen and Josh had been on holiday with their family and came home to find their kitchen ceiling had collapsed because of a leak. A small valve on the toilet in the upstairs bathroom had perished, and over the 10 days of their trip, water had leaked into the floor and subsequently into the kitchen ceiling below.

They called their insurance company to find out that the leak was covered. Brilliant news! However, the not so brilliant news was that the damage caused by the leak was not covered. That meant the replacement of the bathroom floor, replacement of the kitchen ceiling, and redecorating of the kitchen was not covered because their policy didn’t include cover for water damage.

So what was covered? The cost of calling out an emergency plumber and replacing the one perished valve. That came to a total of £450, and the excess on their policy was £500. So, unfortunately, they couldn’t claim at all. Not the best welcome home from a fantastic family holiday!

Trace and Access Cover

Another element of cover that you should consider is trace and access cover. When Gary and Andrea had a new kitchen fitted, they installed an expensive new tiled floor. After a couple of weeks, they noticed a smell and discovered that some of the piping under the floor wasn’t correctly fitted and somewhere under their beautiful new tiles, the drainpipe was exposed. Their insurer covered the cost of the pipe repair. But since they didn’t have trace and access cover, the cost of ripping up their new tiled floor to find the problem and replacing the floor once the problem had been fixed was not covered. Many basic, lower cost insurances don’t include this type of cover, and unless you know to ask for it, you probably won’t know what you are missing – until you need it.

Good quality home insurance is important. That’s why Genistar have teamed up with Nest GI who provide a comprehensive insurance advice service for all Genistar customers. Nest have access to hundreds of insurers, and they can help you find a high quality, low cost cover. Nest have already saved Genistar clients hundreds of pounds on their home insurance, without compromising on the quality of the cover, and in some instances, they have been able to increase the amount of cover for a lower premium cost!

If your home insurance is up for renewal soon, contact your Genistar representative today to see how we can help you with your home insurance needs.

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