Insurance, Claims & Accidents

Archive for the ‘Home Insurance’ Category

If you own a holiday home in the UK, a standard home insurance policy will usually not be sufficient to insure that property. 
 
For one thing, your holiday home sits vacant for periods at a time.  It may be for only a few days each week or it may be for months at a time.  Vacant homes are more likely targets for thieves and damage, and holiday home policies reflect that.  In addition, a standard buildings insurance policy generally excludes periods of time that the home is left unoccupied; a holiday home policy does not.  A holiday home policy will also take into account the risks associated with letting the home, and allow you to undertake that activity—assuming, of course, it’s allowed in the location of your holiday home.  Standard building cover does not allow for letting, and if the insurer finds you in that activity, they are likely to cancel your policy.
 
Make sure you are fully covered for fire and water damage.  Unoccupied homes have a higher risk of damage from burst pipes in the winter months, as no one is there to notice the damage occurring.  Should you decide to let your holiday home, a separate policy for that is usually recommended. 
 
Also, check your policy every few years to be sure you have enough cover.  If your holiday home has increased in value, have a surveyor from the Royal Institute of Chartered Services (RICS) do a professional assessment of your home, or look into an “unlimited cover” policy that will re-build your holiday home to its before-disaster state.
 
It only takes a few minutes to keep your little corner of paradise covered against damage and loss.

One big advantage of looking for a home insurance quotation online is that you can use lots of other tools to help you in your search. For example there is a house insurance calculator that will assist in figuring out how much cover you will need for your buildings insurance.

Buildings insurance cover can be tricky to work out if you wish to get the most accurate quote you can. Many people wrongly use the saleable value of their home instead of the amount it would take to rebuild it, which would be less. By using a home insurance calculator you can get the most accurate sum possible. The calculator will guide you through the whole process of working out what kind of coverage you need. They are very easy to use and there are several of these calculators online as well. The trick is to ensure you choose one with proper step by step guidelines on how to use it.

You can search for a suitable calculator by using a search engine. Try a couple of them before you decide on one, so you can pick one that is most straightforward. Once you have worked out how much buildings insurance you need, you can then go about getting a range of quotations. As you can see, this essential step could save you a lot of money and steer you towards the best possible premium you can get for your buildings insurance.

Are you looking for house insurance quotes? If you are you will be beginning a process that will take you through to find the best possible quotation. Once this process is over and your policy is in place, it is all too common to store it away somewhere to forget about.

However let us suppose you were burgled. Would you know exactly which items you would need to make a claim for? You would if you had photographs of all your valuables. This applies in particular to situations where you have jewellery or similar items that you cannot pick out of a catalogue. These may be items that have been in the family for a long time. The more information you have about them, the easier it will be to manage the situation should you lose them.

For any special items such as these, make sure you get home insurance quotes that fully cover them. Standard cover may not always be good enough for all the items you have. If in doubt, make sure you ask. There may be certain circumstances where some policy holders will have to increase the amount of cover they have for particular prized possessions.

It does go to show how important it is to look over all the policy details in situations like this. You want to be sure you get the perfect policy right from the start, no matter what kind of possessions you own.

What is Landlord Insurance? 

Landlord insurance is a type of insurance that is taken out by individuals on their tenanted or rented properties.  This type of insurance is taken out to cover damages to the building and the contents of the building against natural disasters as well as malicious damage.  Some policies also provide a rent guarantee for an additional premium in which the landlord is covered in the case of a tenant defaulting on their rent payments. 

Why do Landlords Need Insurance?

A rented property faces a number risks which need to be insured against.  Primarily, natural disasters such as fires, floods, lightning and ice pose the largest risk to a tenanted property and have the potential to completely destroy the property.  Secondary risks such as burst water pipes, blocked drains and oil seepage may damage sections of the property.  Other risks include vandalism, tenant damage, and damages to furniture and fixtures.  Landlord insurance covers an owner’s interests in their investment. 

How Does Landlord Insurance Work?

Landlord insurance is a specialty insurance that works like a home insurance policy.  When the policy is commenced, the insured pays a monthly, quarterly, or annual premium to the insurance company.  In the event of any disaster or damage which falls under the purview of the policy, the insurance company pays for replacement or repairs to the property.  When damages occur, the landlord files a claim with the insurance company and the payment is made once the damage is inspected and verified. 

Though most people look for discounts and ways to save on their premiums, one of the easiest ways to save is by choosing the right payment method when paying for home insurance.  How you pay can make a huge difference in your premiums.  You have several options with most insurers, but only a few will save you money.

Payment Plan

Unless absolutely necessary, avoid monthly payment plans for home insurance.  Insurance companies make a profit from your premiums by investing them.  If you are paying monthly, the company doesn’t receive as much interest.  Instead, they tack on interest or an additional fee, which varies by company, for each payment.  If you must use a payment plan, try to use a quarterly or biannual plan.  The fees are typically less.

Credit Card

If you want to pay in full, but want to save on fees and interests, use a low interest credit card.  The money you save by paying in one lump sum makes up for the credit card interest.  This only applies if you can pay the amount off within two to three months.

Pay in Full

The best way to save on your home insurance premiums is to pay in full each term.  Since the insurance provider makes more interest off of premiums paid this way, the total cost is less than paying monthly.  This lets both you and your provider benefit.  They show their appreciation for the extra profit by offering a small discount.

If you currently have a home insurance policy, the need or desire to cancel your coverage may arise.  You can cancel your coverage at any time, but you may incur penalties or fees for doing so.  Depending on your situation, you may be able to cancel with no penalties, but without any refunds, or you may be able to receive a refund for the unused portion of the policy term.

Why Cancel?

If you’ve chosen a home insurance provider, why would you need to cancel?  If you notice problems with the provider, such as the company raising premiums or going bankrupt, you may want to find a new provider before you coverage term ends.  It may be as simple as finding a much better deal on home insurance coverage.  Another reason may be because you need a different type of policy than the current provider offers.

Penalties

Check your home insurance policy carefully.  Details about any early cancellation fees are listed with the policy itself.  Penalties are also incurred when you file a claim and then cancel.  If you are planning on cancelling a policy, it is best not to file any claims during the term you cancel in, if possible.

Receiving a Refund

If you haven’t filed a claim, but your home insurance policy term is still active, you may be able to receive a refund for that unused period.  Some insurers only offer refunds early in the term, while others offer refunds up to the last few months.

Are you preparing to build a house and intend doing the contracting and some of the work yourself?  You will need insurance, of course, to cover the house, but you will also need to make sure the construction process is also covered.  Home insurance can be purchased that will cover you for a number of incidents that can occur while constructing a property.

You will need home insurance liability to cover any member of the public that wanders onto your building site and is injured.  The structures that are already present must be covered and the mortgage lender, if there is one, should be mentioned as a party of interest.

The materials used in the construction of the building will need to be insured and there are provisions for covering materials as they are being transported from the supplier to the site.  The building and the construction work can be covered by Contractors All Risks (CAR). 

Any employees that are working on site will need to be covered.  Also in this category should be included anyone else that is hired as a sub-contractor, for example electricians or plumbers.  Keep in mind that even friends or family, who want to lend a hand, even for just an hour or two, must be insured.  If anyone is injured on the site, no matter what their relationship to you, can and most likely will, sue you for medical expenses and more.  In such cases you will be classified as an employer. 

You’ve just purchased home insurance or contents cover, and are now possessed of a bewildering array of paperwork and documentation.  How much do you keep?  And where should you keep it?  What about the items which come at renewal time?

The most important of all these documents is the policy itself.  It spells out exactly what is covered—and what is not.  For example, your contents cover may be included with your home insurance, or it may be a separate policy.  You may have purchased Personal Belongings Away From Home cover, and that may be ‘wrapped’ with your home policy.  All of this will be included with the policy if you purchased it, so it’s wise to spend some time going through your policy and ensuring that everything you requested is listed.  The time to discover you didn’t add In and Away From Home cover is not when you decide to file a claim!

The policy itself should be stored away from your home, if possible.  Another option is to request an electronic copy and keep that on your computer, or ask your insurer if they keep an electronic copy for you.  In the event of a fire, flood, or other property destruction, you’ll want your policy somewhere where you can get at it, and where it will remain whole.

Another option is to make a photocopy of it.  Keep the photocopy of your policy at home and place the original in a safe or safe deposit box, where you can access it if needed.

When comparing home insurance find out what the mortgage lender requires you to cover.  This is important, because there are a variety of ways in which you can insure your property.  There is simple fire and theft insurance and there are also a number of additions you can make to the policy.  There are a large number of providers on hand to insure your property, so it is wise to get quotes from several of them and then make a comparison.

What will you want to insure?  Are you interested in having insurance just to pay for the rebuilding of the property at the current building rates or do you want to have the maximum cover, including everything?  Is your house in an area prone to flooding?  Do you want to insure the contents or just the building?  These are just a few of the questions you will be asked to answer when you request quotes from insurance providers.  You can also find quote sites on the internet and you will get lots of companies from which to choose.  The search is probably best done that way, as you will have a good selection to compare side by side. 

You will probably be surprised when you compare home insurance, as you will find that there is such a wide range of payment options, premiums and different ways in which to make claims.  The customer service should be excellent, as you will need to count on it if a disaster were to strike your property.

When your home suffers a disaster you will want to rebuild it and get back to your normal life as quickly as possible.  In order to recover and rebuild, there is nothing like a good insurance policy to get you back on the way to normalcy.  Knowing you can build a new home to replace the one you loved will take the sting out of the event, at least to some extent.  Can you possibly imagine losing your home to a fire and having no way to replace it and all your worldly possessions.

Home insurance quotes will give you prices for various levels of cover, so you will know exactly how much it will cost for the peace of mind you desire.  Comparing the quotes will enable you to decide on which company you want to insure with and what type of policy you require.  Since there are so many reliable providers to choose from, it really pays to compare them and their products carefully, taking account of the level of cover being offered and at what price.

It is only when it comes to making a claim that you will appreciate having selected a reputable insurance company with a good track record for paying claims and customer service.  From time to time it may be necessary to amend your policy, for example if you build and extension or install a swimming pool they will need adding.  When you make a call to the company it should be a hassle free service and they should correctly interpret your requirements.