With many people now working from home fulltime due to the national lockdown,the Association of British Insurers has reassured office-based homeowners that remote working will have no impact on their home insurance policy and that there is no need to update document or contact their insurer.
However, if you now have more expensive tech at home, perhaps purchased to aid home schooling, or accumulated over the festive period, you may need to update your home contents policy to reflect the increased value of your possessions. With the average British adult estimated to have forked out £476 on Christmas gifts in 2020, it’s important not to overlook the value of all the gifts you and your children received, as they could add hundreds, if not thousands, onto the value of your home contents.
What’s happened in your year?
The pandemic has also led many of us to review our needs for other types of insurance, such as life insurance or critical illness cover. Whenever your personal circumstances change, it’s important to make time to review your protection cover. Any changes in your financial circumstances – for example getting a new job or losing your job, taking out a mortgage, having children, getting divorced, retiring – are all triggers to review your needs.1
2020 certainly showed us to expectthe unexpected. So, don’t delay inensuring you have adequate protectioncover to keep you, your loved ones andyour home, safe from life’s hard knocks.We’re only a phone call away.
🚨It is important to take professional advice before making any decision relating to your personal finances
Source: Quilter Financial Planning – Essentially Mortgages Q1 2021
- Finder, 2020