Choosing your insurance provider – it’s more      than just a price comparison

Mortgage insurance, life insurance, motor insurance…it doesn’t matter.  For any type of cover, it pays to look beyond the price comparison and consider the nuts and bolts of the policy itself.

Let’s say you’re looking at mortgage insurance - how do you choose between two providers?  Of course the price comes into it (and yes, we can get you a highly competitive quote!).  But your comparison should also consider:

  • What’s the period of mortgage cover?
  • Does it protect your full mortgage payment? (If your mortgage is split between repayment and endowment, are both payments covered?)
  • What are the conditions?  They’ll probably pay your mortgage in the event of redundancy, but what happens if you’ve suffered an injury or if there’s a claim for wrongful dismissal?
  • How is your mortgage claim to be monitored? If you’re fit to work, what kind of proof will they need that you’re actively seeking new employment?

Of course mortgage insurance is just a case in point.  Similarly, for home insurance different providers set different conditions.  So when you’re making a price comparison, you should also consider:

  • What excess will you pay in the event of a claim?
  • What are their definitions of “dwelling” and “other structures”?  Do they include all fixtures and fittings?  What about sheds, fences, decking, driveways, retaining walls…?
  • Does the policy cover contents as well as the building itself?
  • What are the limits on personal property?  Some policies charge an additional premium for works of art, business assets, cash or jewellery.
  • Will goods be covered at their full replacement cost?
  • Does it cover loss of use?  What’s your allowance if your home becomes uninhabitable?
  • Does the policy include home owner’s liability?  What happens if someone has an accident in your home?
  • If you have a second home, will the same policy cover both?

Any type of policy raises a whole raft of issues like these, and choosing between providers can be a time-consuming process.  But by talking to us at Howell Insurance, we’ll assess your needs and recommend a policy that may be suitable.

Choosing between providers needn’t be a headache – just give us a call on 01446 792505 and we’ll give you a ready quote: not just a price comparison, but a breakdown of all the key considerations