Do you need unlimited home insurance?
Unlimited home insurance can be helpful you if you struggle with either of these two situations:
If your property rebuild cost is too expensive to insure.
If you have personal belongings that push your contents cover above most insurers cover limits.
Whether you are looking for the right level of cover for your needs, or peace of mind, consider the advantages of having unlimited home insurance, but also remember that if you don't need such a massive level of cover, you could save yourself money with alternative policies.
Do you pay more for unlimited home insurance?
You may wonder, if you can have unlimited cover, why wouldn't you want it?
The answer is simply that unlimited cover for your home insurance is often more expesive, so you may be paying for extra cover you don't necessarily need.
You can find fantastic prices on all varieties of cover, including unlimited home insurance, due to home insurers competing with one another.
Things to consider if you find a cheaper and unlimited cover for your home insurance:
Does it include an introductory discount which will increase substantially after a year?
Will this increase the price on average over 2 or more years?
Will you be left looking for another policy after a year because of this?
Have you already got unlimited home insurance?
If you have been with the same insurer for many years, you might not know whether you have unlimited cover.
Checking with your insurer to establish what level of cover you have is important to ensure that you don't under insure yourself.
Can you switch to unlimited home insurance?
Yes, but if you are mid-term into a home insurance policy and want to switch you will need to check with your provider to see if you will be charged for cancelling early.
Are there any policy exclusions?
Even unlimited cover doesn't cover absolutely anything up to any value. The description is often in reference to unlimited buildings and contents cover only.
This can catch you out if you have high value items which need specifying on your policy before they can be covered. You can click on high value contents insurance for further information.
It is also not possible to have unlimited building insurance if your property is very old, or built from a specialist material, for example, a stone house built in the year 1700.
Instead you will be asked to specify the rebuild amount to ensure cover is provided.
Will you need to specify any items on your policy if you take out unlimited home?
Yes, if you have expensive items, typically worth over £1000, or valuables in the form of collections of stamps, medals, precious metals etc you will still need to specify these on your policy, whether you opt for home insurance with unlimited contents cover or not.
Each policy may offer a different threshold on how much an item has to be worth before you specify it so make sure you do your research before buying.
When shopping around for the best price, first find out the level of cover you currently have to distinguish whether you have been missing out on a great unlimited home insurance deal or whether you are more suited to a tailored policy specific to your needs.