How to Review Your Home Insurance Policy in Under 10 Minutes

In the UK, 93% of properties are insured for the wrong amount, with 7 in 10 homes underinsured –  (RebuildCostAssessment).

These numbers highlight why you should review your home insurance policy consistently and understand exactly what your cover includes.

To review your policy, you’ll need your Source Insurance Policyholder Portal login. If you haven’t logged in, check your emails to register.

Here’s a simple checklist to help guide your review, step by step.

Key Policy Details and Payment Information

1. Check your personal details, including name, address, and postcode.
2. Confirm policy start/end dates and your renewal date.
3. Note your insurer and the policy product name.
4. Store your policy and customer reference numbers in case you need to claim.
5. Are you paying annually or monthly? Payment frequency can affect the overall price of your policy.
6. Have you signed your credit agreement?

Although these details are simple, they greatly affect your policy’s validity. If this information, especially the address, is incorrect when you review your home insurance, you might be left unprotected.

Buildings Cover

1. Check that the buildings sum insured will cover the full cost of rebuilding your home. The buildings sum insured will usually be lower than your home’s market value.
2. Note key dates and information on any major extensions or renovations, as your home’s rebuild cost may have increased. Your insurer must be notified of any changes as they change the risk profile of your home, likely increasing your insurance premium.
3. Confirm key property details such as the number of bedrooms, flat roof percentage, and building materials.
4. What’s covered? What’s not? Look at your documents and verify this is the cover you need.

Remember, being underinsured can mean your insurer may not pay the full cost of repairs after a claim, so it’s vital to review your home insurance.

Contents Cover and Item Limits

1. Check your total contents cover limit.
2. Review your single-item limit (£1,000 with Source Home). This is the amount any single item can be worth before it needs to be noted on your policy. Specify items worth over this amount separately on your policy to ensure they’re covered.
3. Check if any recent purchases need to be added, and if so, obtain a professional valuation.

A quick mental walkthrough of your home can help you decide whether your current cover is accurate when you review your home insurance.

Excess and What You Pay When Claiming

1. Check that both mandatory buildings and contents excesses match what you agreed on.
2. Look at the voluntary excess you have chosen and ensure you’re still happy with it.
3. Add both excesses together to see what you pay before your insurer contributes.

If the combined excesses feel higher than you’re comfortable paying, you can alter policy details in your Policyholder Portal or reach out to your insurer directly.

Endorsements and Limits

1. Look for any key endorsements (exclusions), which are specific situations or types of damage that your policy does not cover, such as certain types of risks or wear and tear.
2. Check conditions for unoccupied properties if you’ll be away for extended periods.
3. If you run a business from home, confirm whether your insurer allows it, as this increases the risk of theft.

Knowing these details helps prevent unwanted surprises in the event of a claim and solidifies the accuracy of your cover – another reason why you should review your home insurance.

Additional Cover and Policy Extras

• Check any included add-ons, like extended accidental damage or home emergency cover.
• Look for cover for temporary accommodation if your home becomes uninhabitable after a claim.
• Consider whether items such as bicycles or personal belongings need cover away from home.

Knowing what extras are included can help you get the most value from your policy and cover all areas of risk.

Review Your Home Insurance – Conclusion

If your insurance details are outdated or incorrect, update them in under 10 minutes in our Policyholder Portal or contact your insurer.

Ultimately, 93% of homes in the UK suffer from inaccurate insurance. Don’t become part of the statistic; fine-tune your cover today.

Visit our FAQ page online if you need more information.

Download the checklist here. Be sure to print it off and tick things off as you go!