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Save on your Home Insurance The most important thing to us is that we offer the right deal for every customer and every home. Whether it’s your first home - all brand new gadgets and second hand sofas, or your dream house - each room beautifully decorated and filled with furniture purchased over a lifetime. Cheap insurance policies, with their high excess and low cover, can become very expensive when it’s time to claim. Every quote we provide looks at the cover needed and the best option for our customer - not just the cheapest rate. That’s why our customers stay with us from property to property, year to year, generation to generation. All new customers - get 10% off your Home Insurance Insurance & Financial Planning To find out what we can do for you, give us a call, send us an email or pop in to our office on South Esplanade. T: +44 (0)1481 701400 E: hello@network.gg www.network.gg To get your 10% off, simply purchase our combined home, building and contents product. Quote ‘HOME’ on email or the phone to redeem - it’s time to switch to Network. We’re with you every step of the way. Made for you Channel Islands Household Insurance by Network Network Insurance is a trading name of Network Direct Ltd which is licensed by the Guernsey Financial Services Commission 82 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine
Business OLIVER GOATER, MANAGING DIRECTOR NETWORK INSURANCE & FINANCIAL PLANNING IS YOUR PROPERTY UNDERINSURED? In today’s economic climate and with the rise of non-advised insurance sales (particularly through price comparison websites), many customers focus on the price of the insurance, rather than the cover provided and may inadequately insure items to maintain lower premium levels. Research suggests that one in five households could be underinsured. But if you have not had a claim before then it can be difficult to see just how much of an impact underinsurance could have on your personal finances. So what is underinsurance and what does it mean to you? When you take out insurance of any type, your premium is calculated on your individual circumstances and the amount of cover you’ve selected. Underinsurance occurs if you have not taken out enough cover to meet your needs. Underinsurance can result in claims being rejected, additional premiums being requested, or most commonly, settlements being proportionately reduced by the level of under insurance, (known as “average”). To illustrate the principle of average more clearly: if you have £250,000 of buildings cover, but your reinstatement value should actually be £500,000, you may only receive half of any claim you make on that insurance. Putting this in context, if you suffered a partial loss, and the costs to reinstate your property were £100,000, the claim would be settled at £50,000 as only 50% of the replacement value was declared. This would mean that you would need to source additional funds to account for the shortfall in the claim settlement. Once a loss has occurred, it is too late to avoid the negative impact of underinsurance and this is why it is so important to get your sums insured right. Can you really afford to take this risk to save a few pounds on the premium? SO WHAT ARE THE MOST COMMON MISCALCULATIONS? Buildings – One of the most common discrepancies is between the market value of the property and the reinstatement cost. If in doubt you should speak with a qualified surveyor who can adequately assess this. The reinstatement value should include the full cost of rebuilding your home using local contractors and appropriate professionals, including demolition and site clearance. This can be less than or greater than the market value. Contents – some of the most commonly forgotten items are carpets, curtains, expensive cookware, wardrobe contents and garden tools. You should assess items on the full new replacement cost of the contents of your home, regardless of their age or original purchase price. Consideration should be given to inherited items as well as new purchases over the period of insurance. Personal Possessions - Items of value for which cover is required outside your home (including for travel/holiday purposes) are insured as Personal Possessions. Cover is not standard and you may find these items are not covered when you leave the home. Most insurers will also have different limits for single items so check the policy wording. HELPFUL TIPS: • Do not be tempted to underinsure; this could lead to a larger financial loss versus the premium you would pay for insuring items for their true value. • Check the definitions of contents and buildings – insurers policy wordings differ so it is important to correctly identify where items should be insured. • Read the small print – insurance policies have different covers and inner limits. Knowing what these are may save the inconvenience of a repudiated claim. • Carry out regular valuations/ assessments, particularly if you improve your home or acquire new possessions. • Speak with an insurance broker who can talk you through the covers and provide you with a policy that is tailored to your specific needs. Once you have done all this you may find you need to increase the sums insured under your household insurance, and the prospect of doing so and incurring an increase in your premium is not one that you will relish; however, it is better than the alternative. Our advice is talk to a broker, like us at Network Insurance. Whilst a broker is not expected to calculate the sum insured, a broker must take reasonable steps to ascertain your needs and can provide you with an explanation of how to calculate an appropriate sum insured, as well as providing clarity on the cover so you can fully understand the policy terms and conditions. RESEARCH SUGGESTS THAT ONE IN FIVE HOUSEHOLDS COULD BE UNDERINSURED. In addition to having a range of insurance products for policyholders who know their sums insured, Network also have access to a range of insurers who offer blanket cover with £1,000,000 buildings cover and £100,000 contents cover as standard, which can reduce the worry of underinsurance. At Network we have access to insurers whose contents only policies start from as little as £65 and buildings & contents start from as little as £175 so get in touch with one of our qualified advisers today for your tailored advice. 83
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