What Is Home Insurance?
Home insurance is designed to give you and your family peace of mind that your home and its contents are safe.
Why do you need home insurance?
Whilst home insurance is not a legal requirement, a lot of mortgage providers/landlords/letting agents will require you to have insurance in place. And, more importantly, as your home is the biggest purchase you will make, it gives you peace of mind that in the unfortunate event of a claim you will be covered!
Did you know that:
- Last year insurers paid out £9.1 million every DAY to people like you for home insurance claims. So make sure you’re covered!
- 24% of last year’s claims were due to the weather! Don’t let the rain dampen your spirit even more!
Levels of home insurance cover
A house is more than just a roof over your head: it is an investment, a fall-back during periods of emergency and a long term asset. Naturally, you will want to protect your investment, and that is why you need home insurance.
In the simplest terms, a home insurance is an amalgamation of several individual policies, covers, and riders that together provide a protective net for your home and your way of life. Every property will demand repairs as it ages. With a home insurance, depending on the kind of policy you have, you can offset some or all the repair costs.
Likewise, you can protect all possessions inside your home, even if they belong to a tenant staying at your premises. Finally, the right kind of home insurance can improve your chances of landing a favourable mortgage term. Lenders typically assess the risk profile of all applicants before setting the provisions of the mortgage and home insurance mitigates a lot of property associated risks.
Some of you may live in flood-prone regions of the country or areas with frequent inclement weather conditions. A home insurance (with adequate flood and weather cover) will help you recover from any weather related damage quicker than you would ever manage on your income.
Home insurance is available to the landlord and freeholders (even on a sharing basis) only. As a tenant, you cannot take a home insurance; you can always get a separate contents cover for your personal belongings.How To Get A Home Insurance
We don’t need much to prepare a customised home insurance for your property. Just tell us the size of your property, the number of rooms, type of occupation, the current estimated worth and the average cost of repairs in your locality, which we can find out on your behalf. Additionally, keep the details of any claims you may have filed in the last five years on your property and mortgage details too.
We do not require all information to give you a quotation though having all the above details does help narrow down a sound policy just for you. However, in the event that you are unable to find all required information about your property, feel free to give us a call and ask for our help.
Types Of Home Insurance
As mentioned before, Home Insurance is a broad term that includes multiple covers, policies, and riders. Depending on your exact requirement you may need all or just one of the following covers.
- Building Cover – Such an insurance protects your entire building and property including the roof, finishing, wall, foundation, flooring, finishing and more. Depending on the exact nature of cover, you may get coverage for the fence, lawn, garden, swimming pool, pipe and electrical damages too.
- Content Cover – A content cover protects all belongings inside a property. It is independent of the building cover and applies to any property inside a building if it is valued and accommodated in the original policy. You can add high-value items to your content cover after the start of the policy date.
- Buildings & Contents Combined – As the name suggests, such a cover includes the building, all content inside the building, pipe, electrical damage, fencing, garden and anything that is on your property. A more comprehensive package, it often comes with several additional riders such as flood damage, theft, and burglary, though the exact extent of coverage will vary according to individual insurer internal guidelines.
How You Can Extend Your Insurance Cover To Be All-Inclusive
Home insurance is more than just one or two policies. It is supposed to protect your home and investment from all possible threats, current, and future. Likewise, it makes sense to invest in more than just the building and content covers.
For those residing in a flood prone area, we offer specialised home insurance that will entertain flood-related claims. If you live in a high crime rate area, you need theft and burglary cover. Accidental damage covers protect your property against humanmade and natural disasters; such as burst pipe and fallen tree cover. Terrorism cover provides specialised indemnity against terrorism-induced damages.
These are all extra covers that you may or may not need depending on the exact location of your property and how much premium you are comfortable paying. Remember, the more riders and covers you take as part of your home insurance; the higher your premium will be.
One easy way to tackle the rise in premium is to invest in a security system with alarms, sensors, and alerts. Fire alarms, door and window triggers, CCTV cameras will go a long way in reducing the premiums. Likewise, concentrate on building a no claims bonus as all insurers offer discounts for maintaining a claim-free history, in some cases up to 50% off.
And finally, increase your excess: The more excess you opt for, the less premium you pay.
We deal with a lot of insurers and underwriters daily and keep current with the fluctuating nature of the insurance industry. Whatever be your need, we have the right insurers to get you covered. Home, content, additional riders and all – we formulate bespoke policies such that no two are ever the same.
Keeping costs low
See below for some handy tips to save you money:
- Specify how much buildings/contents cover you need. Over insuring will increase your premiums.
- Check what locks/security you have on doors, windows and alarms, some companies give discounts, for example for mortice deadlocks
† This price reflects the cheapest policy we have sold during 2015, based on ideal risk circumstances, and may not be representative of the price you'll be quoted for your insurance policy and/or risk level.