How the right insurance advice can bring peace of mind

Finding the right insurance policy to suit your needs can be a minefield, but with the right advice you can ensure peace of mind and protection.

Whether home insurance or car insurance, minimising the risk of loss is vital. Blanket home insurance policies may now leave homeowners vulnerable due to escalating rebuild costs and undervalued assets. Traditional coverage limits, such as £1 million for buildings and £50,000 for contents, are proving inadequate in today’s market, say experts from Kent-based insurance brokers Clarke Williams.

Instances of policies falling short in claims have surfaced, with insurers threatening cancellations or denying coverage due to insufficient coverage for rebuild costs. While some brokers successfully negotiate full claim payments, homeowners without professional representation may face challenges. To mitigate underinsurance risks, Clarke Williams recommends proactive measures such as desktop rebuild cost assessments, a service the broker offers.

Outside of the home, the South East of England is experiencing a surge in vehicle thefts, also necessitating robust insurance coverage for car owners. Greater London, in particular, is a hotspot for theft, with 24 per cent of all incidents reported in the city. Range Rover owners face escalating insurance premiums and limited coverage options due to the vehicle’s popularity among thieves or insurers are simply reluctant to offer coverage due to the high risk of theft. To protect your investment, says Clarke Williams, consider comprehensive insurance coverage, enhanced security measures like alarms and tracking devices, and secure parking in well-lit areas. Community vigilance and physical deterrents such as parking posts and wheel clamps can also help deter thieves.

Meanwhile, Clarke Williams and other leading insurance brokers have joined the pledge to address commission transparency issues, particularly for multi-occupancy buildings with fire safety risks, in response to soaring buildings insurance premiums. The government’s latest proactive measures aim to alleviate the financial burden on leaseholders, with key commitments including:

• Brokers will cease sharing commissions, focusing on leaseholders’ best interests.

• Brokers will cap their retained commission at 15 per cent of the total premium, reducing costs for leaseholders.

• Brokers commit to disclosing commissions to leaseholders, promoting fee transparency.

Leaseholders are encouraged to inquire about their insurance broker and understand commissions involved. Changes in FCA (Financial Conduct Authority) regulations empower leaseholders to request comprehensive policy information.

The pledge aligns with the Royal Institution of Chartered Surveyors (RICS) service charge code, emphasizing transparency in sharing insurance cost information with leaseholders.

To contact Clarke Williams, see www.clarkewilliams.co.uk