Rachel Lacey of Moneywise asks: Can you have too much insurance?
In the article, Andrew Boldt reveals his expert tips for avoiding a common trap of duel cover for building insurance.
Andrew Boldt, managing director of specialist broker Insurance Tailors, points to flat owners who unwittingly purchase buildings cover. One of the most common examples of dual insurance is when flat owners buy their own buildings insurance, when it is normal – and certainly best practice – for there to be a single block insurance policy in place to cover the bricks and mortar of the entire building. This often happens at the point of purchase, when the buyer is under pressure to prove insurance is in place before a mortgage lender will release funds for the exchange or completion to occur.
So, if you live in a communal building, there is a good chance you only need to buy a contents insurance policy.”
For the full article on building insurance, and other common over-insurance areas such travel insurance, home emergency cover, breakdown cover and mobile phone cover please go to: