House
Cover Insurance Information
How
to get the right home insurance
When
it comes to home insurance, most people are
just concerned with getting the cheapest deal
on the market. But going for cost over quality
can leave you in hot water when it comes to
making a claim. When taking out home cover,
it pays to take a closer look at the small print
before signing on the dotted line.
1. Check your single limit
The single limit is the maximum that the insurer
will agree to pay out for one item. This is
generally between £1,000 and £1,500,
but if you own particularly valuable technology
or jewellery then it’s worth applying
for an increase. Items valued over this limit
may need to be named separately on your policy,
or you may even need to take out a separate
policy to cover them. If you fail to do so then
the insurer is unlikely to pay up the full value,
even if you have kept an inventory and receipts.
2. Do you need accidental damage?
Many home insurance policies will only cover
break-in damage, or damage caused by ‘acts
of God’ such as flooding. If you think
that you might need accidental damage cover
(for example, if you have particularly destructive
children or have a DIY enthusiast living in
your house) then you may need to take it out
as an optional extra. Some insurers will charge
over the odds for this, while some will include
it automatically, so take a look around before
you commit yourself. Larger providers of house
insurance, such as the Co-operative bank
or Direct Line, are generally more likely to
include a bigger range of cover as standard.
3. Conduct an annual inventory
It’s important to reassess the value of
your home and its contents regularly. A recent
survey by the British Insurance Brokers Association
concluded that 70 per cent of British households
are under-insured, because most people fail
to add new gadgets, designer clothes and home
entertainment systems to their policy. These
items would not be insured should your home
suffer accidental or purposeful damage.
4. Keep your insurer informed
Failing to keep your insurer up to date with
relevant information can invalidate or reduce
the value of your policy. If you are going away
for a long period of time then it’s important
to inform your home insurance company. Similarly,
if your area becomes classified as a flood zone
then you need to let them know.
5. Know what is covered and what is not
Choosing the level of cover you need and what
it applies to is a good way to avoid nasty surprises
if you need to make a claim. The best way to
do this is to shop around on the websites of
home insurance providers to see what types of
cover are on offer. For example, some policies
will offer protection for your children’s
possessions when they are at university, or
even limited cover of your valuables when you
travel. Remember that home insurance may not
cover things like tools, money and credit cards
as standard.
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We
can offer business mortgage advice on unregulated
commercial finance only.
THINK
CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT
SECURED ON IT.
There may be a fee for broker advice, the precise
amount of the fee will depend upon your circumstances
and be confirmed in writing.
We are not regulated by the Financial
Services Authority
who do not regulate some aspects of commercial
finance, personal finances, buy to let and overseas
property lending. |
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Us
MortgageBestRate.co.uk is a trading style of Amicable
Mortgage Services Ltd, 32 Twyford Avenue, Southampton,
Hampshire, UK, SO15 5NP
Registered Office 14 Woodview Close, Bassett, Southampton,
Hampshire, SO16 3PZ, registered in England No4470987
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