There are many factors as to why customers have a negative association with insurance and one of these factors is when loyal customers feel penalised. It is a vicious cycle, as most insurers do want to offer customers a quality service with quality products, but the reputation of insurance is shadowing this. What’s the answer? Shop around for home insurance, the insurance market is now ever-evolving and striving to become an industry we can trust.
Many large insurers, which hold long-standing customers, encounter difficulties with keeping track of their loyal customers. One of PolicyCastle’s mantras is transparency and as a new digital home insurance broker we can easily understand and listen to what our customers want and need, tech-seamlessly feeding this back into our products and services.
If you’re not able to shop around yourself, ask a family member or a friend to help you and remember the 10 following points to ensure you are being treated fairly, to be offered the best price and cover for your circumstances:
- Check what cover is being offered – the cheapest price does not always indicate the best value of cover for you. Think about what is most important to you to be covered for your buildings and/or contents and what this means to you. Make a list of why you want and need home insurance. This will help you to know what to check and what questions to ask when going through a quote.
- Check year of build – you can usually find the year your property was built on the deeds of your property. Or if you rent, your landlord can supply you with this information. Why is this important? Because insurance data is based around the age of your property and risk factors, that could affect the risk of your home.
- Check date of birth – you may not want to divulge your age, but most customers now understand this is a necessary evil. Why? Because insurance data is built on different demographics and it has been assessed that the older you are, the less risk you are likely to carry. A plus for getting older could mean that you’re entitled to a discount reward.
- Security – your area and your building or contents sums insured may not warrant your insurer to require minimum security, but if you have approved door and window locks, ensure this is noted on your policy. A minimum level of security often warrants a security discount, as your property is seen as being safer. For more tips from PolicyCastle on – security.
- Alarm – if you have an approved and maintained alarm, you may wish to note this when going through your insurance quote as you may be offered an additional discount; but you will need to check what conditions this may set in the event of a claim.
- NCB/NCD – which stands for No Claims Bonus/Discount. It is important that you keep track on how long it has been since you last made a claim on your buildings and contents insurance, to take this information to your next insurer. Not surprisingly insurers see you as a lower risk if you have not needed to claim and like to reward you for this. Every insurer is different as to how many years they will take into account, so it’s important to check this when going through a quote.
- Query endorsements – endorsements are terms that are applied to your insurance. This means that when you are looking to make a claim you need to fall inside the terms of your policy for a claim to be paid out. Most customers will not be aware that some terms are negotiable. Most customers do not know that good insurers will base their products and services on an individual basis and understand that each customer’s circumstances can differ. If there are terms that have been applied to your quote and you don’t know why, just simply ask and negotiate if you are not happy with them.
- Accidental Damage (AD) – one of the most frequently misunderstood parts of insurance. Additional AD is not normally included as standard and many customers only find this out when they need to make a claim. Check what is offered for standard cover and ask for an explanation of their difference between standard and additional AD cover. For more tips from PolicyCastle on – accidental damage.
- Holiday Homes/Second Homes – if you are shopping for insurance for your holiday or second home, check if there are any discounts available if you do not let your property. Using your holiday home for just yourself, family and friends may mean you are entitled to an additional discount. This is because the risk is seen as lower than letting the property as a holiday let. For more tips from PolicyCastle on – holiday homes.
- Remember to ask – if you are not happy with the price, you need to voice this. Have a figure in mind and supply this to the insurer along with like for like alternative quotes and they will do everything they can to win you.
For a quote with PolicyCastle – www.PolicyCastle.com