Research by insurance company Vitality reveals that a third of those moving home don’t review their insurance protection.
When buying their first home, 21% of people buy life insurance, 23% purchase income protection insurance and 26% arrange serious illness cover. Buying a subsequent home usually signifies a change in financial and personal circumstances. This makes it an ideal time to review insurance protection and increase cover if necessary. However, with a third of home buyers failing to review their insurance, many are left with gaps in their cover. Vitality says it is important that insurance cover is a true reflection of current circumstances.
Most households change their building and contents insurance when moving to a new home, but fail to look at life, illness, income protection and other insurance that protects their lifestyle apart from changing the address on the policies.
The director of strategic partnerships at Vitality, Andy Philo, says,
“Moving house often marks a new chapter – with new priorities and financial responsibilities.”
He stressed that the life circumstances when moving to a new home may be very different from when the insurance cover was first arranged. This is why it is essential to review and broaden protection after moving home to see if the current insurance cover is still suitable. As life circumstances evolve, so should insurance cover.
Reviewing your insurance is an important step in protecting your lifestyle as you move into a new chapter. For the move itself, trust Merseyside Movers & Storers, a leading Liverpool removal company, to provide a safe and reliable service.
