The impact of the credit crunch

Time to assess the real value of your home insurance

There's no denying that, since the middle of 2008, most of us have been more worried about money than at any time in the previous 20 or 30 years. Budgets have had to be looked at, costs have had to be considered and, in some cases, belts have had to be tightened.

High value home and contents insurance has not escaped the effects of what even the Chancellor of the Exchequer has described as the worst economic crisis in decades.

To add to the general effects of the squeeze, as property values have fallen across most of the country many mass market insurers have taken the opportunity to either increase their premiums or alter their offer in a technical, or even an apparently tantalising way.

At the same time, many clients have been scouring the market looking for ways of reducing their outgoings by cutting the cost of their insurance. Indeed, there have been reports that some underwriters have seen exceptionally high levels of new enquiries since the start of the year.

There is a danger in this, which is that – while it’s understandable that one might want to save money – it’s very easy to lose sight of the real objective, which is to arrange the right cover for your personal and private property needs.

Put simply, in times like these it’s easy to be penny wise and pound foolish.

At Lumley St Aubyn, our focus is always on our clients’ real needs, which is where we believe it should be.

While some insurers may tempt you with broad-brush policies that look attractive, because they seem to cover all your apparent needs, we know that a closer, more personal assessment of your circumstances will result in sensibly priced insurance arrangements that accurately reflect the real worth of your high value items and property.

It is an approach we know has worked well in the past and will work just as well in the future, not matter what the final climate may be like.