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| Home Insurance in the UK -
Frequently Asked Questions (FAQs): What does 'accidental damage' cover? Damage to your home that could not be considered routine wear and tear which has resulted from an accident. For example, an accident such as spoiling a new carpet with a coffee spill is not covered (as this is considered routine wear and tear) while damage from a pipe leak (if not due to negligent fitting) would be covered. What does 'new for old' cover? You need to check the individual policy for details. Typically an appliance such as a TV is covered under 'new for old' but items that are subject to significant wear and tear eg clothes or a bicycle are not. What will my mortgage provider require? This varies. Some only accept specific policies/insurance providers. As a basic minimum, they will require you to insure your building(s) for not less than the replacement value quoted in the survey conducted when you bought the home. What if I work from home? Usually this is not a problem. Some occupations do effect the risk and therefore your premium. Check with your insurer, if in doubt. How many quotes should I get? We would suggest that you obtain no less than three. Insurance companies assess many aspects of risk including location of your home, construction type, any local hazards and security features and their risk assessments vary. Shopping around could save you up to £200. What is the 'excess'? This is the amount you pay when you make a claim. You can ask to increase your excess and this will reduce your premium. What safeguards do I have? Insurance contracts are covered by the Supply of Goods and Services Act 1982. The provisions of this Act require the insurer to excercise reasonable care and skill in carrying out the service. Insurance Services are regulated by the Financial Services Agency and if complaints are not resolved by individual insurers, then you can contact the Financial Services Ombudsman. |
 How much should I insure the buildings for?When you purchased your home, your survey will have stated the replacement value of your home. You should not insure your home for less than this value, indeed if you have a mortgage, your lender does not permit you to insure for less than this sum. If you did not get a survey and are unaware of the replacement value, you should consult with an expert. It is wise to add around 12% to the replacement value to cover extra costs such as legal fees, rental of temporary accommodation, or replacement of items not coverd under new for old . How can I reduce the premium? The key to this is the use of modern sophisticated security systems. Your insurer can usually provide details as to which systems offer the best security. Can I change the excess? You can. If you increase it, your premium will be less, but in the event of a claim, you would have to pay the amount equal to your new agreed excess yourself. It pays to check the details of your policy. There are safegaurds if you believe you have been mis-sold a policy. See 'What safeguards do I have?' |
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