Finding the right home insurance
Home insurance is an essential for home owners. It’s one of the first things I looked for when my husband and I were handed the keys to our home. Luckily I have the advantage in that I used to work for an insurance company. I did so for many years so have quite a bit of knowledge about what to look for.
However, for those who are a little unsure, HSBC have shared the findings of a YouGov survey which has some great insight.
Why get home insurance?
There are many different reasons for and against getting home insurance. According to the survey, 30% said it was too expensive however the majority of the 2,000 subjects were all for getting home insurance. In addition, life insurance is just as important.
18% said it was comforting. 41% said it gives them peace of mind and 31% say it’s reassuring. In addition, 49% say it’s necessary.
Home insurance offers financial protection. For example, if your home was damaged or your possessions stolen, how would you meet the costs of repairs or replacement?
It’s usually also a condition of your mortgage that you must have buildings insurance. There are many benefits of having home insurance. From the option of alternative accommodation in the event of a fire, cover against accidents and for home emergencies.
Finding the right home insurance
There is certainly plenty of choice when it comes to home insurance so it’s important to do your research. The average person spends (47%) spends up 1 hour researching. 17% spend 1-2 hours with 7% spending 1 day to 1 week researching.
The majority of people (60%) use price comparison websites. 16% use recommendations and 12% use customer reviews.
Researching the various types of home insurance to find the one that suits you is really important.
When it comes to buying home insurance, 69% say the price is most important to them. 71% say that quality of cover is the most important and 38% say it’s reputation.
When you’ve found the right insurer, it’s important that you understand what you’re buying. 72% say they understand what they’ve bought with 10% saying that they don’t.
Cost of living
Naturally the cost of living crisis is putting people off buying home insurance due to the cost. Some people are even cancelling their insurance due to the cost, but should you cancel your insurance to save money?
Before you cancel any home insurance policies, ask yourself whether you’d be able to recover financially if your home was burgled or hit by fire or flood. There’s a lot to think about.
What research do you do when looking for home insurance? How do you decide who to buy with? Let me know in the comments below.
