This article is the working tool for a switching decision: a criteria table whose rows let you set your existing contract against new offers, side by side. On paper, in a spreadsheet, or in your head - what matters is the order: price is the last row, not the first.
- The table has nine rows: buildings sum insured, contents sum insured, events covered, limits, deductibles, exclusions, optional covers, service, price.
- For every row, mark whether the new offer is better / the same / weaker - the picture forms itself from there.
- Switching gets the vote where most of the substance rows read "better or the same" AND the price is better or proportionate too.
The value rows (1-2)
Buildings sum insured: measure it against the real rebuilding value, not the old contract - if the old one was underinsured, "the same amount" is actually a shared mistake (the value article). Contents sum insured: based on a home inventory. This is where the risk of underinsurance and a proportional payout gets decided - these two rows are the foundation of the table.
The substance rows (3-7)
Events covered: what matters is not the name but whether the definition is the same - storm and water-damage definitions are the typical points of divergence. Limits: caps on valuables, cash, and specific claim types (the limits article). Deductibles: general and claim-type-specific deductibles (deductible logic). Exclusions: along the broad lines of the exclusions map. Optional covers: what your household actually needs - is it in both, and at what price.
Helpful questions for each row: "Does the same word mean the same thing in both sets of terms?" "What is included as standard in one, but an extra in the other?" "Does the new contract have a waiting period on a cover that is already live under the old one?" These three questions surface most of the hidden differences.
Do not be put off if a cell ends up marked "do not know" - that is a result too: those are exactly the questions to put to the insurer offering the quote, or to your broker, before you decide.
The service row (8)
Harder to put a number on, but this is what you feel most at claim time: the quality of online claim notification, the assistance cover, the claims-handling commitments. For an MFO product, the uniform commitments give you a benchmark (what MFO means); for a conventional product, it is the claims-handling section of the terms. If you have had your own claims experience with your current insurer - good or bad - that belongs in this row too, stated factually.
This row is also useful for putting the "force of habit" argument in its place: a long shared history is only valuable if it has also proved itself at claim time - if it has only ever been about paying the premium, it is not a real factor.
And finally: the price row (9), and the decision
Once the substance rows are filled in, the price finally means something: now you can see what you are getting for the difference. The decision rule is simple: switching gets the vote where the substance is better or the same AND the price is better or proportionate - in every other case, staying put or adjusting is a strong option too. If you would like, I will fill in this table for you, with competing offers from several insurers: book 20 minutes - or use the online calculator (in Hungarian) today.
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