Home insurance is often renewed out of habit
Although home insurance is designed to provide peace of mind in unexpected situations, in practice it often becomes one of those services that residents simply renew year after year, rarely stopping to assess whether the chosen coverage still meets their needs.
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“Home insurance is a product that people hope never to use. That is why we often purchase it once and then simply renew it, rarely thinking about what risks are actually covered and whether the insurance coverage still fits the changed situation,” says Ana Variakojienė, Head of Risk Management Department at BTA Insurance.
Holiday season – a time of increased risk
According to A. Variakojienė, the summer holiday season is a good time to check whether your home insurance terms are still suitable for you. During this period, homes often remain empty for longer periods and become more vulnerable.
“Based on our statistics, about 40% of all burglaries in apartments are recorded during the summer months and September, when most residents are on vacation. Meanwhile, the number of burglaries in private houses remains fairly stable throughout the year,” says the BTA representative.
Not everyone knows what insurance coverage they have
According to Rasa Narė, Head of the Baltic States Customer Experience Improvement Center at Citadele Bank, before renewing home insurance it is important to ensure that the chosen insurance coverage still meets current needs and the value of the home.
“Insurance renewal should not be an automatic process – it is important that clients clearly see what insurance coverage they have, understand its scope, and can assess whether it still fits their current situation,” says R. Narė.
When evaluating an offer, it is important to look beyond the price
According to A. Variakojienė, when choosing or renewing home insurance, it is important to consider not only the policy price.
“It is necessary to assess which risks are most relevant to the specific home, what scale of losses they could cause, and what their financial consequences would be. Properly selected insurance coverage should not only match the current value of the property but also provide financial security and the ability to return to a normal life rhythm as quickly as possible after an unexpected event,” she says.
Before leaving, it is important not to forget a few simple things
Even with properly selected insurance coverage, it is important to take care of the home itself – before leaving for a longer period, it is worth performing a few simple actions that help reduce risk.
“Before leaving for a longer time, it is recommended to turn off the water supply in the house, not leave windows ajar, ensure reliable security measures, and responsibly evaluate the information shared on social networks. Publicly announced holiday plans can sometimes become an additional lure for burglars,” reminds A. Variakojienė.
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