Property insurance is an important, essential, purchase, and it's one that you shouldn't take lightly. After all, your home (or investment property) is one of your biggest investments, and you need to make sure it's protected in case of an unexpected event.
That's why it's important to do your research and find the right policy for your needs. And while price comparison sites can be a helpful tool, they're not always the best way to find the best coverage for your situation.
Here are a few reasons why you should not use a price comparison site to purchase property insurance:
- You may not get the coverage you need. Price comparison sites only show you a limited number of insurance companies, and they may not include all of the companies that offer the type of coverage you need. This means that you may not be able to find the coverage you need, or you may have to pay more for it.
- You may not get the best price. Price comparison sites may only show you the price of the insurance policy. They might not immediately show you the total cost of the policy. This includes things like the deductible, the monthly premium, and any additional fees.
- You may not understand the coverage. Price comparison sites may not provide you with all of the information you need to understand the coverage you are buying. This means that you may not know what is covered and what is not covered. You should always read the insurance policy carefully before you purchase it.
- You may be bombarded with marketing calls and emails. Once you provide your information to a price comparison site, you may be inundated with marketing calls and emails from insurance companies. This can be very annoying and time-consuming.
- You may not be able to compare apples to apples. Price comparison sites often make it difficult to compare different policies from different companies. This is because they use different terms and definitions, which can make it difficult to understand what each policy actually covers.
- You may not be able to get the best customer service. Price comparison sites do not have a direct relationship with insurance companies, so you may not be able to get the same level of customer service if you have a problem with your policy.
One of the leading price comparison sites uses a tagline "compare cheap insurance deals"... do you really want cheap when it comes to protecting your home and investments?
There is one type of insurance that price comparison sites often lack: tenant and landlord-specific products. This is because these products are more complex than homeowner insurance, and price comparison sites are not always equipped to handle them.
There are a few reasons why tenant and landlord-specific products are more complex than homeowner insurance. First, they need to cover a wider range of risks. For example, a tenant's insurance policy needs to cover the cost of damage to the property, as well as the cost of personal belongings. A landlord's insurance policy needs to cover the cost of damage to the property, as well as the cost of any lawsuits that may be filed against the landlord.
Second, tenant and landlord-specific products need to be tailored to the specific needs of the tenant or landlord. For example, a tenant who lives in a high-rise apartment may need different coverage than a tenant who lives in a single-family home. A landlord who owns a rental property in a major city may need different coverage than a landlord who owns a rental property in a small town.
Because of these complexities, price comparison sites often do not offer tenant and landlord-specific products. This can be frustrating for tenants and landlords who are looking for the best deals on insurance.
If you'd like to speak to us about your protection options, we are here to help! Give Jack a call on 01482 562 562 today, to start the conversation 📞