November is apparently the worst month for burglaries, with on average one claim every four minutes in the UK.
Frightening isn’t it.
When the dark nights come there is always an increase in break-ins and according to Churchill home insurance it receives 37% more claims in November than it does in July.
Quite apart from the distress a burglary can cause, there is the issue of replacing valuables that are stolen and it is frightening how many people don’t discover until it is too late that they are under-insured.
Being under-insured can be really serious. If your insurer finds that you have under-insured your valuables or indeed your home, they might not pay out at all or at least would pay less than you might expect.
Source Insurance quotes one example of a burglary victim who had insured her jewellery for up to £10,000 under her home contents policy, only to discover it was worth nearer £100,000. Her insurer tried to void the claim altogether but in the end paid the £10,000 – leaving her £90,000 out of pocket.
The problem is people under-insure their property and their valuables in the first place. People think their contents are worth on average around £35,000 when insurers estimate the figure is nearer £55,000. And they sometimes try to save a fiver here and there, particularly when using a comparison website, by under-valuing what their valuables are worth.
If you’ve had a contents insurance policy for a few years, it’s also worth remembering that you have added expensive things like televisions and computers and that the value of some things, like jewellery, can go up. You might find your policy doesn’t cover you properly any more.
The same can be true of your house itself and it’s worth checking that your policy would cover the full cost of rebuilding your home if the worst happened and you had a fire.
So as we get into winter, it is important that we are all more vigilant about locking doors and windows and fitting security light and it is also a good time to dig out those insurance policies too.
Insurance can be complex, particularly ensuring you have the right cover and so I have a checklist that I use with clients to make sure. For a free, no obligation discussion on this or any other insurance or mortgage issue, do give me a call on 07767 692653.