You should insure your buildings for the total cost of rebuilding them. This will not be the same value as the market value as the market value includes the cost of the land.
A buildings insurance policy normally covers a set of standard perils. These include damage caused to your home by fire, theft, storm or flood. You should check your policy for full details of your policy cover.
Contents Insurance covers the things that are not physically attached to your home. Items that would be included as contents include carpets and curtains as you would normally take these away with you if you move house.
Every Insurance policy is sold based on the principle of Utmost good faith. This means that there is a legal obligation on you to be truthful and to disclose any relevant facts when you apply for home buildings insurance, or you could invalidate any claims.
Most insurance policies have an excess. This is the amount that you have agreed to pay in the event of a claim. You might also wish to reduce your premium by paying an additional amount. This is called a voluntary excess and will be additional to any compulsory excess that is required by the insurers. If you live in an area where there is a higher risk of flood or subsidence, your insurer might impose a higher excess for these perils.
Buildings Insurance covers the physical structure of the home including walls, sheds, garages and outbuildings. It includes cover for fixtures and fittings that are attached to the home.
A standard home contents policy normally includes cover against a standard set of perils including, fire, storm, flood and theft. For full details of your policy cover, including exclusions refer to your insurance policy document
In most cases you will need to add cover for items that you take out of the home. These are normally covered under an optional extension called “All risks” or “Personal Possessions” cover.
Bicycles can normally be added to your contents policy for an additional premium
Yes. Most home policies will cover you for working at home if the occupation is of a clerical nature and you do not have visitors to the home. Note that the home cover will only ever extend as far as cover for basic home office equipment. It does not cover your liabilities or other professional insurance needs arising out of your business.
Yes. Your household policy is specific to the address that you give us when you take out the cover. If you move you must tell us and we will arrange an alternative quote. This might result in an additional premium.
Some insurers will provide cover whilst you are moving, others will restrict the cover to moves which are carried out by professional removers. You should check with your removal cover that they have liability cover for moving your possessions.
Some policies give limited cover for property in storage, however you need to check with your insurer as every policy is different and cover is very limited.
I have a child that is going to university. Will my home contents insurance cover their possessions whilst they are away form home?
In some cases your home policy will extend to included students possessions at university, but not in all cases. Check with your policy wording to be sure or ask your insurance broker.
Most insurance policies have a clause removing cover for homes that have been unoccupied for more than 30 days. Most insurers will be prepared to provide cover whilst you are away if you agree to certain security and safety requirements such as draining down the water system. An additional premium may be required. Always advise your insurer if you are going ot be away form home for a long period of time.
A Chartered Surveyors rebuild valuation is the only accurate way of establishing the correct insurance value for your home. The Association of British Insurers (ABI) has a useful calculator on tier web site which can be used as a guide to the sum insured that you should select.
Some insurers will give a discount in exchange for you agreeing to take an excess on any claims. Other things that can help include security measures such as good quality locks and fitting an alarm or other security equipment.
No. Most insurers will have a single article limit and you will only need to specify items which are above this limit. Limits vary between insurers, and can be as low as £500 or as high as £15,000. Ask your individual insurer if you are not sure what their limit is.
Most household policies provide cover on what is known as a new for old basis. This means that if your contents or possessions are damaged your insurance company will replace them with the equivalent of a brand new item.