So you have a mortgage and a home to call your own?
Great, so lets talk about insurance. It's time to think about your home and belongings that mean the world to you. Let us help you find the best building and contents insurance that works for you and if your happy with our service we can help you with your renewals as well, helping you so save hundreds of pounds.
If you have a mortgage, your lender will insist your property (and their security) is protected by buildings insurance. This usually pays out in the event of property destruction by fire, floods or subsidence (although you will need to check beforehand if you live on a flood plain, for example)
Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, garages and greenhouses.
Buildings insurance might be offered to you when you take out your mortgage, but you don’t have to take it. Use the key policy information to shop around and get the best deal for you.
If you purchase a leasehold property (such as an apartment within a block of flats), the freeholder might have arranged buildings insurance for the whole block, in which case you might already be covered.
You cover is based on what your home would cost to rebuild. The Building Cost Information Service (BCIS) website has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt.
You must tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance.
As with everything else, always shop around for the best deal. Combining buildings and contents insurance might lead to savings.
Most policies have a standard excess charge. This means you agree to pay the first part of any claim, e.g. £50 or £100. If you agree to pay a higher excess, you might get a cheaper policy.
Always compare what the policy covers, not just the price. The key policy information will help you do this. Cheaper does not mean better protection. It might mean less protection.
Contents insurance covers the loss or damage to the contents of your home.
This includes your furniture, possessions and electrical goods.
Some policies cover you for items you take outside, such as jewellery and briefcases, and policies can offer different levels of cover.
Generally speaking, you’ll be covered against fire and theft, and have the option to insure against damage you may cause by accident. It is always vital you thoroughly read and understand full policy terms and conditions.
If not already covered by contents insurance, you may wish to consider travel insurance for insuring your personal belongings whilst travelling.
Anything beyond the maximum your insurer says they will pay. It may pay a maximum amount on sign articles. You’ll need to specify the value of the clients.
Some companies limit their payout over certain items, so you’ll need to specify more expensive items such as jewellery or camera equipment.
If you leave your home empty for extended periods, your cover might be affected.
Building damage is not covered – this is covered under buildings insurance.
Many insurers offer discounts if you have a burglar alarm, window locks or if you’re a member of the Neighbourhood Watch scheme. You might also get a deal if you combine contents and buildings insurance.
Most policies have a standard excess charge, meaning you agree to pay he first part of the claim, for example the first £50 or £100. If you agree to pay a higher excess, you might get a cheaper policy.
Remember once again to compare what the policy covers, rather than just the price. The key policy information will help with this. Price isn’t everything, since coverage can vary. Make sure you get the cover you need.
Some contents insurance policies will replace old damaged appliances and possessions with new ones when you claim. This is known as “new for old”.
Remember the premium might go up the following year, or the insurance company might refuse you cover for the same risk if it happens more than twice, for example.
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