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Premiums go down – but beware

This would seem to be good news: apparently the cost of home insurance has fallen to a five-year low, according to one comparison site.

Moneysupermarket.com reports that premiums are now at an average of £116 a year, compared to £160 five years ago. This is attributed to a dramatic fall in burglary rates across Britain, plus fewer claims for flood and storm damage (which seems incredible considering the weather we’ve had over the last few years…).

Of course this is very welcome. But it could be a double-edged sword as this fall in premiums also puts pressures on insurers to save costs when settling a claim. We see this when managing claims on behalf of our clients: there is a definite move among insurers to be tougher than ever when it comes to negotiating the settlement claimants are entitled to under the terms of their policy.

The most important thing is that people make sure when they take out an insurance policy that it really does provide the cover they need. So our advice is as always: don’t just go for the lowest price. Always look carefully at what you’re buying, read the small print, and make sure you are fully covered. Cheap can all too often be too good to be true.

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