Home insurance is one of the most essential purchases a person can make. Our lives are full of unpredictable situations, and while we hope that no disasters will occur, having insurance gives us the peace of mind that we will be prepared if they ever do.
There are now a huge range of insurance products on the market, covering everything from theft and criminal damage to accidents and personal injuries. It is hugely important that you do through research before taking out a new product, otherwise you could be in for a nasty surprise when you go to claim for something and find that it isn’t covered.
Finding insurance when you purchase a property or move home has never been easier. There are now a great number of websites online selling insurance products, including comparison sites that can help find you competitive deals.
Using the internet to purchase insurance is often much more efficient than traditional means. The amount of sites you can find through your search engine quickly allows you to compare offers. Online purchasing is also less hassle, there is no phoning around companies and waiting while you are put on hold.
Moving house is not the only time you can look for an insurance deal, it is often recommended that you look around for a new deal when your current one is coming to an end.
Artificial Intelligence
Some online insurance companies have invested in making the process as quick and easy as possible through digital means. For example, insurance company Lemonade offers a handy app that uses artificial intelligence (AI) software to find customers the right insurance for them.
AI is a relatively new piece of technology and has only emerged with these types of applications over the last few years. The bots that are used within this software communicate with the customer, giving a more personal touch to the service.
This type of technology can also keep staffing costs lower, as less customer service representatives are required as more people try out this online service. It is the perfect compromise for customers who do not want to trawl through website forms but also do not have the time (or the patience) to call the company and speak to an agent.
AI cannot entirely replace the need for call centre employees, some potential customers may not have the right technological devices or operating systems to run it, or they may have specific accessibility requirements. However, AI is an increasingly popular and effective tool in this might and is like by customers, particularly those from younger generations.
The Lemonade app claims to be able to get you your new insurance sorted in just 90 seconds. After answering a few questions given by the bot, a personalized quote is put together, and the customer is able to customize their package based on what they would like to cover.
These are the different types of home insurance a buyer should consider. You can learn more about these here.
Firstly, the most basic type covers a number of different scenarios, such as natural disasters like volcanic eruptions, wind and hail damage, wildfires and lightning. It can also cover criminal damage from vandalism and civil commotion, or damage from fire, vehicles and explosions.
It’s important to note that you may not be covered for some common types of damage, such as flooding or earthquakes. These may matter more to you if you live in a higher risk location.
The next level of insurance covers the basic stuff in addition to other issues, such as snow damage and falling objects.
There are then the most comprehensive packages that can include coverage for entire dwellings, personal liability and additional living expenses, such as temporary accommodation.
Customers may need to consider add on insurance products to cover particularly expensive home contents, such as jewellery, computers and televisions. Although, if using an online form or app, you will most likely be reminded to include details of these.
All of these different types of insurance can seem complex and difficult to decide on for the average home occupant. However, through the use of online sites and insurance apps, purchasing a new policy has never been easier.