With winter coming, and the weather changing, it is as good a time as any to mention the importance of home insurance and possibly, more critically, the right home insurance! 
After a chat with a prospective client recently who has been using online comparison sites for their home insurance for the last 6 years – their experience is one worth sharing and one that sadly, we have seen before. Therefore, we thought it was an important point to highlight! 
Unfortunately, their home flooded at the end of last year however their property was under-insured. This was because the Building Sum Insured (BSI) for the property was set at £420,000 and renewed year after year without being updated. However, at the time of the flood, the actual BSI was calculated at over £900,000. The flood had done some significant damage and the claim total was around £180,000. Due to the building sum insured being incorrect and the online insurer only underwriting the policy at the point of the claim (not at inception) The averaging clause was applied and the homeowner was only paid out £100,000. This is clearly a situation that no one wants to be left in and something that here at Elevate, we work with our clients to ensure does not happen.  
So, what steps do we take to ensure our clients do not need to worry about this? 
Ask clients to provide accurate sums insured. 
Offer a quotation with an insurer that provides an appraisal service. 
Ensure any renovations/added value is accounted for in the policy. 
Do not take for granted each year’s sums insured should remain the same for buildings and valuables (revised valuations for example) review them annually! 
Some of our insurers offer a free smart water detection device to help stop escape of water claims 
Using a broker that works for you will ensure any claims are paid efficiently - feel free to contact us if we can help you! 
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