LIFESYSTEM is the simplest and most cost effective way to insure your personal possessions in the UK. The concept of an LIFESYSTEM was developed in 2021 in the United Kingdom by Jon Copestock and Mike Owen, two insurance industry professionals with many years experience between them. Since then it has become the go-to solution for people all across the UK who take out insurance on their belongings as well as those from abroad.
A LIFESYtle policy covers you for items that are within the Homebuyer’s Property Shield and have been sub insured. This means that you will be protected against damage or loss while buying your own home, but only if you take out a policy from a reputable provider. You will need to ensure that you read the small print of any policy you take out, which should explain whether items covered are fully indemnified or whether they are partially indemnified. The latter is the dearest type of cover, but if you need it you should take it.
When taking out a LIFESYtle policy you should ensure that you pay in full at the time of taking out the policy. Any repayments should be made direct to the lender and not through your insurance company. This will make sure that the lender knows that you are making a payment and will therefore be less likely to charge more interest in the future. If you are able to afford to make a lump sum payment, this could save you hundreds of pounds in annual insurance fees.
You will be covered for theft, fire and flood as long as you follow the terms and conditions of the policy. If you have a valuable item of jewellery that is missing or is damaged as a result of theft then you can claim up to the amount of the jewellery under the jewellery and cash value part of the policy. LIFESYtle policies do not include any loss of clothing or footwear. However, if you own items such as computers, laptops, CDs or DVDs then you should check with your provider to find out whether you are eligible for any of these additional benefits.
Most companies offer a 24 hour helpline which will help you if you need to report a claim. In the unfortunate event that your policy does not give you enough cover, you can make a claim with the help of a professional broker. However, it is always advisable to speak to an independent broker as they will be better able to assist you. If your policy is stolen then you should inform the lender immediately. If you delay making a claim then the amount of your monthly premium will increase.
If your policy is stolen within two months of being granted the policy, you will have to make a claim with the same provider. The provider will provide you with details of how to make a claim. If you want to claim back all of the value of the jewellery and valuables that were stolen, you will have to contact the insurer yourself. This is generally done by filling in a claim form.