I explained home insurance

I explained home insurance

According to the British Insurance Company Association, 76% of households have content insurance, and 64% cover buildings. But how accurate is the insurance of the house, what does it actually cover?

What is home insurance? What does it cover?
There are three main types of home insurance: insurance combined with building insurance, content insurance, building and content insurance.

Building insurance covers the property of your home, but building insurance covers the construction of your house - permanent fixtures and fittings such as walls, windows, roofs, baths, toilets, fitted kitchens - Cover. On the other hand, the combined building and the cover of the content cover both.

In addition to covering your theft, house insurance protects you from the damage caused by many unexpected events, including floods, fires and explosions.

For more information: Find cheap home insurance - reduce the cost of your cover

Are accidental damage covered?
Limited accidental damage is covered by the insurance contract of the house, but the cost of the accident is extra. Your content policy will prevent accidents that hurt your stereo equipment, but building insurance may include windows and skylight covers.

However, if you want to completely cover accidental damages, you will need to pay extra £ 20 to £ 100 depending on your policy and product value.

For details: Home insurance add-ons, fees, charges - items to be careful when you are purchasing a home cover

What does personal possession cover?
Outside your home, you can use your home insurance to cover portable items such as handbags, mobile phones, tablets, etc. under personal ownership extension (sometimes called total risk expansion) I can do it. However, there is a limit to what is covered, so please check with your insurance company that you know what you are paying.

What happens if I leave my house vacant?
If you leave your house empty, the insurance company can limit your cover in these situations as it is more likely to be at risk of being threatened and damaged. Most insurance companies will cover their homes on conditions that they will not be left for more than 30 consecutive days, so please inform the insurance company if that is the case.

What other items should be excluded?
There is not only insurance applied even if you leave your home vacant for a long period, there are many other exceptions that may apply to your insurance contract.

High value products

In the case of expensive items such as jewelry and audiovisual equipment, there is usually a maximum amount. Please check the policy carefully if you have expensive property.

Run a business from home

Some policies do not cover any responsibilities arising from business or trade in running a business from home.

Sink your house

Unless there are signs of forced eviction, losses due to the theft of lending or renting your home may not be compensated.

Pair and set

If only a part of the set is damaged, the cost of replacing the entire set (furniture, unit etc) will not be covered. You usually only receive expenses to replace damaged parts.

What is the excess?
The excess is the amount you pay for insurance contract claims of your home. For example, if you have a claim of 250 pounds and you have an extra 50 pounds, you only receive 200 pounds from the provider.

Most home insurance companies may voluntarily exceed the mandatory excess that can not be set and corrected by the insurer. You can set this yourself.

Do not forget to carefully set up voluntary excesses. If you want to make a significant contribution to insurance claims, you will be paid for insurance premiums with lower insurance premiums, but insurance payments may become very expensive.

What is the difference between old and new cover and compensation compensation?
The insurance claim of the house you submitted will be settled either by old or exempt.

With the new cover, the insurance company pays the full cost to repair the damaged item, or if it is stolen or destroyed, it will exchange with the equivalent new product.

On the other hand, compensation policy deducts wear, lacerations and depreciation due to refunds.

Although the policy of damages may be cheaper than the old and new compensation, there is a possibility to put you out of your pocket if there is a big claim.

What is the difference between total insurance payment and bedroom flat-rate insurance?
There are several ways to choose the level of cover you need. The calculation of the insurance amount includes not the market price but the restructuring cost of property from zero. Insurers calculate insurance premiums based on that standard.

The bedroom rating policy is based on the number of bedrooms in the house and you do not need to calculate the exact cost. However, this cover has an upper limit.