Isn’t your home worth good insurance?
The old saying goes that every person’s home is their castle. Castles were made to be protected, as like the modern home, they house the people and possessions that mean the most to us.
A good insurance policy by its very nature is the last line of protection.
The reality is that even the best maintained property can be subject to an accidental fire, storm event or burst pipe. Even Windsor Castle, depicted in the featured image here suffered a major fire on 20 November 1992. Windsor Castle is the largest inhabited castle in the world and one of the official residences of Queen Elizabeth II and as such you can imagine the risk management measures they have in place. Yet ‘it’ happened.
Of late, LMI have been asked to become involved an increasing number of very distressed claims involving quite expensive homes. It staggers me that many of these people have invested so much into their homes and yet have gone online and purchased the cheapest insurance coverage available.
Not only is the coverage second rate in many of these cases, but the claims service has been appalling.
In each of the cases I have been involved in, the owners of the homes have successful businesses and use an insurance broker for advice on their business insurance needs but rather self medicate on their home and contents. They probably spent less time buying their insurance, treating it as simply a cost and a chore than they did considering their latest mobile phone.
In each case, the Insured’s have regretted the insurance purchasing decision and would gladly have paid more to get the right coverage and claims service.
If any of this sounds like you, please speak to your general insurance broker and ask them to provide a product coverage comparison from PolicyComparison.com, a claims service comparison from ClaimsComparison.com and then and only then, a price comparison.
The same goes with other classes of insurance. For example, I see people spend over $50,000 to take their family on the trip of a lifetime and then purchase the cheapest travel insurance. It does not make sense.
Purchasing insurance is one of the most important investments you can make – get it right! – get a broker!