Your home is likely to be the most expensive thing you’ll ever buy, and that’s before you consider the contents. Over a lifetime, we can accumulate a vast amount of items, such as furniture, works of art and jewellery, some of which will be priceless and have sentimental value.
However, some items will have a value, which can change over time, so protecting these assets makes a lot of sense. Mark Smith, director at valuation specialists Quastel Associates, says: “About 80-90% of clients we see are incorrectly insured. The biggest problem is that people forget about boring stuff like kitchen equipment, books, curtains and carpets and clothes. It all adds up.”
Underinsurance is when the amount you’re covered for by your insurance is less than the cost of replacing or repairing your belongings. It can result in claims of damage or loss being only partially met or not at all by insurance.
These are the reasons why it pays to buy home and contents insurance from a trusted provider, a provider that will help to ensure you protect your precious assets with the right level of cover.
Covering your home
A house is more than just an asset or bricks and mortar. It’s a home, your home in fact, filled with a lifetime of accumulated possessions. Some may be precious and treasured - gifted or inherited - others may be stored away and overlooked. Some may have been acquired for their value, as an investment or gift, such as fine art, antiques, jewellery or other collectables. It’s important to insure these items, but what’s their true value? The value of such items rarely moves in line with inflation, and prices can fluctuate considerably over time.
We understand this and as part of our NFU Mutual Bespoke Home Insurance, we work with trusted partners who can, for a fee, provide a valuation for your belongings. NFU Mutual Bespoke Home Insurance is specially designed to cover high-value homes with contents over £150,000. Our approach is tailored around you and your lifestyle to give you the peace of mind that your most valuable possessions are in safe hands.
With our local knowledge, backed by an extensive team of experienced underwriters and claims handlers, we offer a personal service throughout, from quote to claim. And it’s our commitment to a local, personalised service that means we can ensure you get the cover you need - right down to the finest detail.
But don’t take our word for it. NFU Mutual Bespoke Home Insurance provides one of the highest quality offerings in the market and is rated 5 Star for High Net Worth Home Insurance by the leading financial information, ratings and fintech business, Defaqto.
We have over 110 years of experience protecting what’s important to our customers, and our customers are clearly impressed, with 9 out of 10 Bespoke policies renewed every year.
Beware of underinsurance
As part of our commitment to helping customers, we are acutely aware of the risk underinsurance poses to your valuables. That’s why we are committed to helping you understand if the value has changed annually - something that is important to understand in a period of high inflation. If you have expensive items – perhaps jewellery, fine art or collections – then it’s particularly important to be mindful that standard insurance may not fully protect you or include access to specialist repair or replacement services.
But it’s not just expensive items you should be aware of, the value of everyday items, such as clothes, furniture and electronics (even kitchen utensils), can add up. That’s why we work with expert valuation partners who can provide specialist reviews of your belongings. This will help ensure you’re never left without appropriate cover and the devastating financial losses of underinsurance - without mentioning the emotional pain of losing something you can’t afford to replace.
To find out more about NFU Mutual’s Bespoke Home Insurance and/or to get a quote, visit the website for further information: nfumutual.co.uk/bespoke
The National Farmers Union Mutual Insurance Society Limited (No. 111982 ). Registered in England. Registered Office: Tiddington Road, Stratfordupon- Avon, Warwickshire CV37 7BJ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A member of the Association of British Insurers
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