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  • Writer's pictureThe Cedar Crest Team

Your home is a life’s work, so make sure it’s fully insured

Updated: Jul 28, 2023

Average price of home insurance falls to the lowest since records began


 

Home Insurance


 

In 2022, the average cost of home insurance dropped to £300, the lowest since the Association of British Insurers (ABI) began collecting data in 2012. The fall in prices was due to a very competitive market, despite numerous homes being damaged by turbulent weather.


However, the increased cost of building materials and labour, alongside a surge in frozen pipe payouts and subsidence claims, could lead to an increase in premiums in 2023. The FCA introduced new rules on pricing for home insurance renewals, keeping them in line with new customer prices. Even with the impact of these reforms, the cost of premiums for new and existing customers will depend on multiple factors, such as the cost of settling claims.


 

CHOOSING THE RIGHT KIND OF INSURANCE FOR YOUR HOME


It’s important to have the right kind of insurance for your home. Buildings and contents insurance provides a comprehensive cover that will protect you, your family and your belongings against a range of risks.


Buildings insurance is designed to cover the cost of repairing or rebuilding the structure of your home if it becomes damaged due to a fire, flooding, natural disasters or storms. It also covers any outbuildings such as garages, sheds and garden walls. Contents insurance protects all your possessions inside the house from theft, loss or damage caused by certain events such as fires and floods.


 

PEACE OF MIND THAT YOUR PROPERTY WILL BE COVERED


Without adequate buildings and contents insurance, you may be liable for any costs associated with repairing or replacing items in your home, which could total thousands of pounds. Buildings insurance is particularly useful if you live in an area prone to certain natural disasters or other risks, as this can help provide peace of mind that your property will be covered should the worst occur.


It’s important to check with your insurer that all potential risks are included in your policy and what levels of cover you have for both buildings and contents insurance. This includes looking at the excess limits, which is the amount you may have to pay before the claim is accepted. It’s also important to ensure that any valuables are listed separately on your policy so they’re adequately protected.


 

PROTECTED FROM FINANCIAL LOSSES IF SOMETHING GOES WRONG


When purchasing either type of home insurance, it’s essential to shop around and compare policies from different providers so you can get a good value policy that meets your needs. Making sure you have the right kind of insurance in place will ensure you are protected from financial losses if something goes wrong.


Don’t forget to review your home insurance policies every year and update them with any changes or additional items such as expensive jewellery or electronic goods. This means you’ll always have sufficient cover for both buildings and contents insurance, so you’re fully protected against potential risks.


 

>> WANT TO FIND DISCUSS OR REVIEW YOUR INSURANCE NEEDS? <<


Whether you’re seeking a separate contents-only policy or a comprehensive home insurance package, we can provide a policy to suit your needs. Our experience means you can be confident your home and contents will be suitably covered.


To find out more:



Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017,

HK T: +852 6645 4462 – email info@cedar-crest.co.uk


Your home may be repossessed if you do not keep up with repayments.

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