Premiums on motor, home, pet and health insurances are all on the up due to a change in Insurance Premium Tax, so now's a good time to make sure you are only paying for cover you really need.
Money well spent:
1. Contents: From smashing a family heirloom to flooding the kitchen, contents insurance will usually pay out. Check your policy wording, as some will even include possessions (such as your phone, bicycle or laptop) when they're outside your home. Don't always go for the cheapest option - make sure you have enough cover, and pay your premium annually (average is £138, according to Money Advice Service).
2. Travel: Everyone should have a travel insurance, even when buying a holiday in the UK. You can insure trips individually or take out annual cover; it's worth checking out the cost of both, especially if you need extra cover for specialist sports. Multi-trip insurance starts from £12 a year for Europe, but if you only take one trip a year, individual insurance can cost under £10 for a week.
3. Pet: Only a quarter of the UK's 16.5 million pets are insured, according to Animal Friends Insurance. It's essential for rare breeds and exotic animals, but worth considering for any pet. The average cost of pet insurance is £366 a year, and the average claim is around £700, but claims can run into thousands if your pet has an ongoing condition needing treatment.
Consider carefully:
1. Mobile phone: Small print can make it tricky to claim. Most insurers don't cover loss or theft, unless you pay extra, and even if you have paid, you're expected to take reasonable care with your phone. Compare deals and don't just pick the plan that's bundled with your network provider - this can be expensive.
2. Life: It costs an average of £240 a year, according to Legal & General, to know your family will have the cash they need if you die suddenly. Some existing medical conditions are harder to insure, but be honest about your health and always shop around. If you have no dependents, however, you don't necessarily need this cover.
Keep hold of your cash:
1. Sky plus: Insuring your Sky TV subscription costs from £107.88, on average, and it's probably unnecessary. As you're leasing your box, it is Sky's responsibility to fix it if something goes wrong. If any set-top box is accidentally damaged, this should be covered by your contents insurance.
Source - Good Housekeeping Magazine October 2017 edition.
