Common Park Home Insurance Mistakes

There are some common park home insurance mistakes which are easy to avoid, if you know what to look out for. If you consult one of our award-winning specialists at Park Home Assist, we will do our best to help you avoid any mistakes in matching the best cover to your budget and specific needs. You may also find it helpful if you are acquainted with some of the more common errors, so you can be sure to ask the right questions when you are looking to get the best cover.

  1. Cheapest is not always best

In the event of a claim on your park home insurance you may find that the cheapest insurance cover does not include all that you need. It may help to have ‘value for money’ as your watchword rather than simply ‘low-cost’.

You may, for instance, consider a company with a good record of customer care and specialist experience to be worth a slightly higher premium. If you need to add to your insurance cover, to make sure it takes into account more of the risks to you or your property, you may find this better value for the reassurance it brings.

  1. Getting the ‘amount insured’ wrong

This is another park home insurance mistake that is important to avoid. When insuring your property, you need to consider the cost of replacing it in the event of a loss, not simply its ‘market’ value. Being over insured may feel like a safe option, but may be costing you more in premiums than you need to pay, to be sufficiently covered for your actual needs.

On the other hand, being underinsured may leave you in a great deal of difficulty meeting the costs of replacements or repairs. You may find that replacing your park home may be significantly more in total than the market value of your home.

You can read more in this article about getting your sums insured right and underinsurance or call 01604 946 796 and talk to one of our insurance specialists.

  1. Going for ‘minimal’ cover

You may, like a lot of us, want to keep things as simple as you can, insurance can seem complicated. You may be tempted to just keep it all ‘basic’ and opt for the minimal, standard insurance package. While many good park home insurance policies have a lot included as standard in their cover, do check that they meet all your requirements.

  1. Going for ‘maximum’ cover

Another response you might be tempted by, when confronted by the complicated nature of some insurance, may be to get covered for ‘everything’ on offer. This can lead to comprehensive cover, but you could end up paying too much for cover you will never use.

You may find it helpful to begin with an honest description of your circumstances and the value of your assets both financially, and their value to you in other ways. A specialist park home insurance company can help to take you through this process, helping you to reduce costs and still get the cover you need.

  1. Not considering optional benefits

Points 3 and 4 may lead you to look closer at the optional benefits that can be bundled with your insurance. Home Emergency Cover, Personal Possessions cover or Accidental Damage cover are just a few examples of optional benefits you may want to consider.

You may also find that your circumstances, when properly assessed, make one of these optional benefits very important. You may be beginning to see that a thorough and realistic description of your circumstances is key to working out what you really need. Combine this with an experienced insurance company to help you, and you are more likely to get the best deal for what you actually need – You’ll also avoid a common mistake when buying your park home insurance.

  1. Failure to update your insurance company on important changes

Sometimes when your life or circumstances change, the risks you face and your entitlements change too. It’s important to notify your insurance company of any changes to your circumstance, so you can avoid problems arising if you need to make a claim.

For example, this might mean you have reached retirement age and may be eligible for a discounted rate of cover, or you may be sick and unable to carry out so much maintenance on your property.

Alternatively, you may have had some work done on your park home that changes its replacement value or means that other aspects of your cover need to be adjusted. If you are unsure you may want to contact your insurer to find out. If you get your cover from us at Park Home Assist, you can easily call us to go through any changes that may have occurred and how they might affect your insurance cover.

  1. Not researching your insurer

You may find reassurance in the fact that insurance brokers and providers in the UK should all be authorised and regulated by the Financial Conduct Authority. You might also want to check that the insurance company or broker you are buying from is backed by a reputable insurer. Park Home Assist, for example, is backed by Lloyd’s.

You can get further information about your insurance company on the Financial Services Register.

  1. Not asking about discounts

Finally, you might be entitled to more than you are getting. Your premium can be discounted for many reasons, some of which may surprise you. If you are over fifty, or retired for instance. You can make significant savings if you ask about discounts and bonus schemes.

This is a marketing article from Park Home Assist, multi-award-winning providers of residential park home insurance.  If you would like to speak to an advisor regarding insurance for your park home, please contact our friendly team in our Northampton office on 01604 946 796.

Please note that all insurance cover is subject to acceptance of terms and conditions.

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Published – 01/12/23