Insurance

You might be offered buildings insurance when you take out your mortgage, but you don’t have to take what’s on offer. Use the key policy information to shop around and get the best deal for you.

If you purchase a leasehold property (such as a flat in a block of flats) the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.

Building Insurance

Insuring our home and belongings is almost second nature to most of us now.

General insurance covers events that may or may not happen, such as accident, fire or theft, as opposed to life assurance, which covers an event that will definitely happen sooner or later, such as retirement or death.

The aim of taking out any insurance policy is to compensate you following a loss so that you are, in general, as well off – but no better off – than you were before the loss occurred.

When obtaining a Mortgage we are all required by law to have some insurance in place – this usually manifests itself within the General Insurance area in Building Insurance – however as a firm we will always recommend a policy that will suit our clients demands and tailored individually to our clients needs.

We’re able to search through a range of policies to find the one that suits you best from our extensive list of insurers. Speak to one of our advisers for more info.

What isn’t covered?

Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It 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 need to 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 – see Contents insurance.

Keeping costs down

As always, shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £200. If you agree to pay a higher excess you might get a cheaper policy. Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

Benefits include

• Accidental Damage Cover
• Building Cover
• No Claims Discount
• Legal Liability
• Loss of rent or costs for alternative accommodation

Contents Insurance

What’s it for?

It covers the loss of or damage to the contents of your home. This includes your furniture, electrical goods and other items within your home. Some policies cover you for items you take outside, for example cameras, jewellery and briefcases. Different policies offer different levels of cover but generally you’ll be covered against theft and fire, and have the option to insure against damage you may cause by accident. It is always vital that you thoroughly read and understand the full policy terms and conditions.

What isn’t covered?

Anything beyond the maximum amount your insurer says they will pay, and it may pay a maximum amount on single articles. You’ll need to specify the value of the contents. Some companies have limits on the value of any one item under the general policy so you’ll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out. Damage to the building itself is also not covered; this needs to be covered separately with Buildings insurance – see Buildings insurance.

Keeping costs down

Many insurers will offer discounts if you have a burglar alarm, window locks or if you’re a member of a Neighbourhood Watch scheme. You may also get a deal if you combine contents and buildings insurance. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy.

Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

Level of cover

Some contents insurance policies offer new for old. This means they’ll replace old damaged appliances and possessions with new ones when you claim. Bear in mind that your premiums may increase the following year, or the insurance company may refuse to cover you for the same risk if it happens more than twice, for example.

Benefits include

• Accidental Damage Cover
• Credit Card Misuse
• Deeds, registered bonds and personal documents
• No Claims Discount
• Domestic outbuilding contents (other than garages
• Door lock replacement
• Frozen food
• Garden
• Gold, silver, jewellery and furs
• Money

Landlord Insurance

Whatever type of property you own, chances are you have a considerable amount of money tied up in that property. This is an investment you need to protect for a whole variety of reasons. What if there’s a fire for instance? Even if you think, “it won’t happen to me,” investing in a landlord insurance policy might save you from possibly the costliest expense of your life. Of course, there are many more benefits to buy-to-let landlord insurance. We can provide cover for a comprehensive range of properties catering for all types of styles, sizes, ages, conditions and locations.