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Renewing your house insurance policy

If you own your home, there are a few items to check each year - after all, your house is likely to be your most valuable asset. Make sure you’ve insured it correctly:

  • Chat to your insurer, broker or advisor if you’re unsure whether your Sum Insured will cover your rebuild costs. Building costs change from year to year and were up 18% in the year to March 2021.

  • Have you recently renovated? Check the alterations you’ve made are correctly reflected in your Sum Insured.

  • Don’t forget to check what needs to change with exterior work as well - new landscaping, decks and retaining walls can impact your insurance policy and you’ll want to make sure they’re covered.

  • Has the usage of your home changed? If you’re now running your business from home, renting it out or having guests? Let your insurer know.

  • Your insurer will want to know if anyone living with you has a criminal background, both when taking out insurance and while cover is in place. If this isn’t disclosed, your policy may well be invalid.

  • Do you rent your home as a holiday home from time to time? Check with your insurer what you need to disclose and what changes you may need to make to your policy.

  • Have you, or anyone you live with, had an insurance policy or claim avoided, declined, cancelled or not renewed? Tell you insurer.