Useful information

UNDERINSURANCE INFORMATION

Statistics show that up to 70% of UK homeowners are underestimating the value of their personal possessions by as much as 30%.

Most people are reluctant to increase their contents cover, thinking the premium will shoot up. But the extra cost is often less than you’d expect – and well worth it if it means you’re properly protected. It also ensures that your claims are paid in full without deduction.

It is important to remember that you insure for the full replacement cost of your contents and not the market value at the time of a loss. Remember to include items such as CD’s, clothing, sportswear & sport equipment such as golf clubs or skiing gear. Surprisingly, the average sum insured for clothing in high net worth homes is around £20,000.

The asset calculator that we provide our clients, has been designed to help calculate the correct sums insured in a quick and simple way.

Attached here is a document from insurer Aviva on under-insurance for private clients. If you would like to discuss anything , please feel free to drop me a message.

FOR GOOD ORDER

Besides listing completing a contents calculator, it’s also advisable to do the following :

  • Take photographs of any valuable or unique possessions.
  • Keep your purchase receipts for valuable items.
  • Obtain valuations for expensive items of jewellery, watches and other precious possessions such as fine art and antiques.

It may seem like a lot of work, but you’ll be happy to have this wealth of information to assist your insurer if you needed to make a claim. It will give you the peace of mind that your possessions are properly covered against loss or damage. We are happy to work with you to get this completed at a time that is convenient. We can then make sure that it is updated regularly.

Rebuilding Cost Guidance

There are several places where you can carry out a general rebuild cost check for your property. You can instruct a surveyor to do this for you or could choose to review this yourself.

There are several websites such as abi.bcis.co.uk which will give you guidance but please be aware this is only a guide and may not be accurate. The only way to be certain is to have a survey done on your house. Sometimes insurers will arrange for this at their cost and this is something we can support with.

Passport Expiry Date

Your passport needs to be valid for at least the duration of your stay, but some countries often require you to have six months validity.  You might also need a Visa to enter certain countries. You can find out more information about UK passports at www.gov.uk/passport-advice-line

Travel Vaccination advice

Talk to your doctor about what vaccinations you may need, but remember that you will need to do this at least eight weeks before you travel.  You can also check this online at www.fitfortravel.nhs.uk

Travel destination Safety

Always check that the destination is safe to travel to – one website that you can check this on is www.gov.uk/foreign-travel-advice