Home insurance is a must and a requirement of your mortgage lender. There are a variety of different types of policies with their own sets of exclusions. But at the very least home insurance will cover you for the structure of your home, such as the walls, roof, floors, fitted kitchens, but in cupboards, ceilings and foundation. In essence, it protects the permanent fixtures of your home from a variety of risks. It will cover the full cost of repair or a full rebuild in case of a fire, subsidence a lightning strike, flood, damage by falling objects such as trees, burst pipes and tanks and even collision damage. It is important to go through each policy and see exactly what it will cover.
It is important to note that the level of insurance cover you obtain should be sufficient to claim the cost for a full rebuild of your property. You will also be able to claim the cost for alternative accommodation whilst the rebuilding work is being carried out. Any legal costs arising from the rebuild will also be covered. Fair wear and tear will not be covered.
Each policy is different and there are many factors that need to be considered when taking out a specific policy all found within the detail of your policy. Things to look out for would be different policy excesses (the amount you pay before the insurance pays out), whether there are any discounts available for paying annually instead of monthly, are there any restrictions for floods or cover or accidental damage.
We will go through all of the detail to make sure you obtain the policy which has the most coverage and the least amount of exclusions as well as getting you the best deal from a cost perspective. Our knowledge and expertise in this area will secure for you the best home insurance policy tailored to your needs.
Whereas home insurance is compulsory, contents insurance is not and yet it is strongly advisable to have a contents insurance policy in place for all of your material possessions. It essentially covers your moveable objects such as clothing, furniture. This policy will cover you if your possessions are destroyed by fire or flood, damaged as a result of burst pipes or are stolen.
What about the expensive items? Well, any item usually over £1000 such as jewellery pieces need to be insured separately because within a contents policy there are usually limits on how much can be paid out.
This is valuable protection and you are the one to set the level of cover the policy will pay out by making an assessment of the specific contents you want to be covered for. As a starting point, it is always a good idea to go through and list in an inventory all of the possessions you want included with the value attached.
Sometimes, you can find a combined home and contents insurance policy which will be better value for you and we will search our database of extensive providers to find you the best deal. The added advantage of obtaining your home and contents policy through us is that all of our policies are high quality and come as 5* defacto policies which are known to provide the best policy features compared to other providers.
If you are a Landlord renting out your property to tenants-then you may want to seriously consider taking out Landlord’s insurance which will save you money and rescue you from any unpleasant situation that may arise in connection with tenants renting your property. Some mortgage lenders for Buy-to-Let properties even make it mandatory to have such protection in place.
Landlord’s insurance typically can cover:
- Buildings and contents insurance
- Fixtures and Fittings insurance
- Loss of rent
- Property owner’s liability
- Accidental damage
- Landlord home emergency cover
- Alternative Accommodation
- Unoccupied property
- Tenant default in rental payment
Here are a few scenarios that may occur and which makes it all the more important to have protection in place.
Scenario 1# If a tenant fails to pay rent on time-how do you meet your monthly mortgage repayments and the other costs related to the property?
Scenario 2# If the property is unoccupied after a tenant has left, Landlord’s insurance could provide the Landlord with some income to cover a set period of time as agreed in the policy.
Scenario 3# What happens when there is severe damage to your property and it becomes uninhabitable for a period of time? Landlord’s insurance can pay for the repair works as well as covering you for any loss of income.
Scenario 4# If a tenant suffers an injury due to a fault in the property –this could lead to a public liability claim against you unless you have Landlord’s insurance in place to protect you.
Contact us and we will provide you with the best advice you need to make the right decision.Be protected and save money!
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