I DO not think you should trust your home insurance broker. That may sound weird coming from The Property Insurer but I mean it, you owe yourself to be careful and not believe everything they tell you.
Back in 1998 before I got involved in home insurance, I bought a home insurance policy from The Halifax. I owned next to nothing and the only thing of value was a mountain bike worth about £1000. I loved riding even back then.
So I told them it was the only thing of value and I wanted it covered. They nodded, said yes, took my money and I thought nothing more of it until my bike was stolen six months later from my shed. I contacted them and they refused the claim.
It was my fault that happened, I should have read the policy schedule and made sure what they told me was correct. I couldn’t call them liars and win, so I sucked it up and learnt a hard lesson. They were only interested in the insurance sale and I hated them for it. I moved all my bank and mortgage business from them as a result and will never, ever, use them again; they have lost me forever as a customer.
And when I got involved in home insurance myself I wanted to change things and how brokers worked and treated customers. The FCA has since come along and tried to regulate better customer service but in my view the industry is still shoddy. The call handlers are targeted and paid on sales and they’ll do anything to make a buck as fast as they can within the letter for the FCA law.
You still need to be the one who takes responsibility for reading your policy schedule and making sure it does exactly what you want it to do. If there are mistakes or ‘misunderstandings’ you get them sorted quickly and if needed you can cancel within 14-days.
There are some brokers that are much better than others, but they tend to be the ones you don’t hear much about. The big names advertising on telly or at the top of Money Supermarket are all big machines turning over vast numbers as fast as they can to make profit. You are a number rather than a customer and if you buy here then you really need to check your policy once received.
Don’t trust your broker is a good base position. It’s as simple as that and I do hope the brokers that www.thepropertyinsurer.co.uk uses are more credible and trustworthy than others, I use them myself, so maybe that may give you a little more confidence?
The Property Insurer