Call our team today on 0161 959 0166
Office opening hoursMon - Fri 8.30am - 5.00pm
There are three distinct types of home insurance:
This will cover the structure of a property (such as the roof, walls and windows) as well as fixtures and fittings (such as kitchens, baths and toilets). Garages, garden sheds and other ‘outbuildings’ can also be included, although general ‘wear and tear’ damage is excluded from all covered items, especially when relating to a lack of proper home maintenance.
This will cover the structure of a property (such as the roof, walls and windows) as well as fixtures and fittings (such as kitchens, baths and toilets). Garages, garden sheds and other ‘outbuildings’ can also be included, although general ‘wear and tear’ damage is excluded from all covered items, especially when relating to a lack of proper home maintenance.
As the name implies, this will cover both structural and contents claims.
Home insurance policies will also cover claims against theft, fire, flood, storm damage and subsidence. However, extra cover on structural damage or personal items will usually incur an additional premium (depending on the type of policy you buy). For example, full cover for accidental damage is charged depending on the value of the policy items. Furthermore, most insurers will restrict their cover, or refuse to pay out on properties which are left empty for 30 or more consecutive days, as this increases the chances of theft or damage.
Home Emergency Cover will insure against a loss of vital services, such as plumbing, heating or electrics, while Legal Cover will help to pay for any expenses involved in claiming on uninsured losses. They are sometimes covered under a policy; sometimes not, so always check. Losses relating to businesses run from home, sublet housing or a clear disregard for security precautions are usually excluded from home insurance pay-outs.
Although home insurance is not compulsory, most mortgage lenders will insist that you have at least buildings insurance in place before they grant your application. Beyond that, you would need to ask yourself if it is worth taking the risk of leaving a property or its contents uninsured, as the cost of replacing prized possessions or repairing major structural work would invariably cost more in the long term than a monthly premium payment.
Most experts recommend that you arrange your policy to cover the full costs needed to rebuild your home from scratch (according to the mortgage valuation at time of purchase). Rebuild costs are invariably lower than market value however, so it is a good idea to work out the necessary costs as accurately as possible (and thereafter, to review these figures at a regular interval to allow for inflation). This will help you to avoid overpaying on the policy in the short term or underpaying and facing a shortfall on the ultimate pay-out. Comparative diligence should also be paid when evaluating the value of your property contents- don’t skimp on costs! You should also review your contents cover on a regular basis, to allow for new purchases. Bear in mind also, that most insurers will limit the payout on a single item to
£1,500 and will usually refuse to pay at all on valuable items not covered by an inventory.
This is the amount that you will pay as contribution towards an insurance claim. Compulsory Excess will cover the amount as determined by the insurer, while Voluntary Excess covers any amount that you pay beyond the compulsory fee. The more you pay in voluntary excess, the lower your premium is likely to be. However, any claim against your policy could then be very expensive, so your contribution should be judged accordingly.
These will form the basis for a settlement pay-out, according to which option is chosen. Contents insurance is usually arranged on a new-for-old basis, thereby guaranteeing that the insurer pays the full costs to repair or replace an item. However, indemnity insurance is based upon a reflective ‘wear and tear’ or depreciation value deduction in pay-out. Although indemnity policies are cheaper than new-for-old cover, they can end up being much more expensive in the long run, especially on a large claim.
If you need to make a claim at any time, make sure that you take all sensible steps to minimise damage (from a leaking pipe, for example, by switching off the water), to report a theft or crime in a prompt manner, to keep all projected costs or receipts for repair work and to ensure that your policy covers the loss or damage. Just remember, that any action taken on the part of the homeowner which necessitates a larger payout will almost certainly be disregarded by the insurer.
Most insurance companies will offer a discount on your home insurance premium if you don’t make a claim on the policy. A good way to try and ensure that you benefit from this, therefore, is to regularly upgrade and test security measures, keep up to date with home maintenance work and to forego making claims on minor repairs.
“Our experience of Charles Louis, from start to finish, was fantastic. Zoe seemed to know everything you could possibly need to know about the house (including all the neighbours!) when we first viewed it with her and was very accommodating when we asked for a second viewing the very next day! Our experience up until that point was that we often felt rushed when viewing a property or told to ‘call the office’ if we had a question.
Once we had our offer accepted, I found James to be very responsive and I was never left waiting if I emailed or text across a quick query throughout the process. Having a named person who I could just ring whenever was a massive win and removed much of the stress – I never once had to explain who I was or why I was ringing – it felt like a very personalised service. Having just moved to Ramsbottom we have already recommended them to a few people!”
Robert Cregeen
FCA Regulated
Whole Market Access
Expert Advice
Great Feedback