Protect your home and your possessions. We can help you find the best buildings and contents insurance plans to protect your home and belongings. Additionally, we can assist with insurance renewals with a view to save you even more in the long run.
Mortgage lenders insist that your property is protected by buildings insurance. In the unfortunate event of property damage caused by fire, flooding or subsidence, the insurance will pay-out to cover your loses.
The policies usually also cover damage to any fixed fittings such as kitchens and baths, as well as sheds, outhouses, garages and greenhouses.
It is likely that buildings insurance will be offered to you when you apply for a mortgage, but you do not have to take out a policy with your mortgage lender, and you are free to shop around.
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. Check with the freeholder and if you need any advice, feel free to contact us.
Buildings Insurance cover is calculated based on how much it would cost to rebuild your home in the event of its destruction. The Building Cost Information Service (BCIS) website has an extremely helpful online tool to help you calculate the sum you should have your home insured for.
You must let your insurer know if you have added, or plan to add, any extensions to your property. This includes loft conversions and conservatories.
Like with all insurance policies, it is worth shopping around for the best deals when it comes to buildings insurance. It is common to find combination deals that combine both buildings and contents insurance in one package.
It is common for standard buildings insurance policies to include a higher than average excess charge, meaning that you agree to pay an initial chunk of any claim from your own pocket – but, the higher the excess you agree to pay, the cheaper the overall policy will be.
Contents Insurance covers your belongings inside the home from loss or damage. This includes furniture, possessions, appliances and electrical goods.
A lot of majority will also cover you for items that you would keep on your person when you leave the property, such as jewellery, phones and laptops.
The standard level of cover you will come across in contents insurance policies will protect your belongings against fire and theft, while others will have the option to insure against damage caused by accidents.
Insurers set a maximum that they will pay-out for in the event that your belongings are lost or damaged. Some companies limit this pay-out for certain items, so you will need to specify more expensive items such as jewellery.
Usually, if you leave your home for extended periods, often abroad, you cover will be affected.
Building damage is also not covered – this is covered under buildings insurance.
Many insurance companies will offer a discounted policy if you have a security system in place on your properties, such as burglar alarms and CCTV cameras.
It is worth shopping around for a combined contents and buildings insurance policy, as many insurance providers will provide this.
A lot of policies have a standard excess charge. This means that you agree to pay a chunk of the initial cost of the claim, usually about £100 or £200. The higher the amount of excess you opt to pay, the cheaper the overall policy as a whole.
You can get “New for old” policy which will replace old and damaged appliances and possessions with new ones when you claim.
This will have an impact on your premium for the following year, and your insurance company may refuse you cover for the same item if it happens more than twice.
You can discuss the different types of cover available, and where best to shop around, with Marc Catry – your local, independent mortgage and insurance advisor in Coventry.
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