I’m taking over from Colin this month to discuss the insurance needs of individuals, rather than businesses. I started working in insurance nearly 10 years ago, and starting on this journey at the same time was a certain meerkat. Little did I know what an impact this furry friend and others like it would have on the way customers buy insurance.
The idea was excellent; you went on an online comparison site, punched in some very basic details about yourself and your house online, you received back an array of quotes and whichever one you chose, you also received a fluffy toy. People were going mad for it! Until they needed to make a claim, that is.
I speak to new clients regularly and have often found that when they previously used a comparison site, they were left out of pocket if their claim was rejected. One example is a client who suffered a break-in. The insurance company declined to pay the claim on the basis that she did not disclose the fact she had a lodger. She, like many clients, was not aware that non-disclosures such as this would lead to her claim not being paid.
The sad fact of the matter is that people who feel they have saved a few hundred pounds at inception are possibly going to have to put their hand in their pocket again at claim stage as the policy has not covered them sufficiently, or in some cases covered them at all.
We understand that customers are price-sensitive and try to save money by buying the cheapest insurance policies available. But unlike changing gas tariffs, each insurance policy is different. Each home and person demand a unique insurance policy to fit them. This is where an insurance broker can help. Brokers aim to source the most cost-effective, appropriate policy tailored to your needs and requirements. They can also provide advice on risk management and in the event of a claim.
By speaking to an insurance broker, you are also passing the burden of looking around each year to a professional in the field and who, after taking some details down about you and your home, is looking to match you with the correct insurance policy and provide advice on conditions to look out for, such as leaving your home unoccupied for more than 30 days or not double-locking your front door.
Insurance brokers are here to help. I am not doubting that the meerkat and his friends have helped people save money over these last 10 years; it is simply worth considering who would be the most helpful in explaining the ins and outs of your insurance policy.
Please get in touch with me to discuss your home insurance on 020 3846 5269 or email firstname.lastname@example.org