The most common questions, answered...
Q) How much should I insure my buildings for?
A) The market value of your home will usually be a different amount to the cost to REBUILD or REINSTATE; you should use the guide given to rebuild on a square footage basis, for instance by the RICS (Royal Institute of Chartered Surveyors) based upon current rebuilding costs; if you have recently had a survey report (for instance in conjunction with a mortgage application) mention should be made in there of the rebuild indication. Full allowance needs to be made not only of rebuild costs, but associated fees i.e. demolition, partial demolition, architects, surveyors and planning application fees in addition. Most policies will index link the sum insured BUT it has to be correct from the start for it to remain accurate.
Q) How much shall I insure my contents for?
A) This, of course, does differ from household to household; we would recommend that you make a list of every room in your home. Then, visit each room individually and estimate what it has cost you to furnish it as it stands. REMEMBER, you should use REPLACEMENT as new figures NOT the original cost as you have to allow for a new for old basis of settlement, i.e. you may have purchased a table 3 years ago for £750 but the cost now is £925; you should allow for £925 in your calculations NOT £750.
Q) What if I have expensive items of jewellery?
A) These can be noted as specified items. If you wish to insure them AWAY from home, they need to be included under what is known as an all risks section extending cover, options are United Kingdom, Europe or World Wide. You will need to have a recent valuation for items over a certain value, depending upon which policy you choose.
Q) What security precautions will I be required to have?
A) At the quote stage, you will be asked certain question regarding door and window locks, burglar alarm, smoke detector and so on; positive answers to these questions will mean you receive a discounted premium, and so insurers will expect you to put such precautions into full effect at night, or when the house is empty, to comply. Certain postcode areas may mean that a MINIMUM standard of security is a CONDITION OF THE POLICY, such as major city inner post code areas, so it is important that you comply so as to avoid the possibility of a claim not being met because you have not done so. Your policy will note this if it applies.
Q) What if my home becomes unoccupied for more than the period allowed in the policy?
A) You are given a certain amount of time for unoccupancy e.g. holidays; if you move home but have not yet sold the one covered, insurers must be notified immediately. Some form of restricted cover will apply, depending again where the home is situated and what protections are maintained.
If you have any more questions please feel free to Contact Us.
A) The market value of your home will usually be a different amount to the cost to REBUILD or REINSTATE; you should use the guide given to rebuild on a square footage basis, for instance by the RICS (Royal Institute of Chartered Surveyors) based upon current rebuilding costs; if you have recently had a survey report (for instance in conjunction with a mortgage application) mention should be made in there of the rebuild indication. Full allowance needs to be made not only of rebuild costs, but associated fees i.e. demolition, partial demolition, architects, surveyors and planning application fees in addition. Most policies will index link the sum insured BUT it has to be correct from the start for it to remain accurate.
Q) How much shall I insure my contents for?
A) This, of course, does differ from household to household; we would recommend that you make a list of every room in your home. Then, visit each room individually and estimate what it has cost you to furnish it as it stands. REMEMBER, you should use REPLACEMENT as new figures NOT the original cost as you have to allow for a new for old basis of settlement, i.e. you may have purchased a table 3 years ago for £750 but the cost now is £925; you should allow for £925 in your calculations NOT £750.
Q) What if I have expensive items of jewellery?
A) These can be noted as specified items. If you wish to insure them AWAY from home, they need to be included under what is known as an all risks section extending cover, options are United Kingdom, Europe or World Wide. You will need to have a recent valuation for items over a certain value, depending upon which policy you choose.
Q) What security precautions will I be required to have?
A) At the quote stage, you will be asked certain question regarding door and window locks, burglar alarm, smoke detector and so on; positive answers to these questions will mean you receive a discounted premium, and so insurers will expect you to put such precautions into full effect at night, or when the house is empty, to comply. Certain postcode areas may mean that a MINIMUM standard of security is a CONDITION OF THE POLICY, such as major city inner post code areas, so it is important that you comply so as to avoid the possibility of a claim not being met because you have not done so. Your policy will note this if it applies.
Q) What if my home becomes unoccupied for more than the period allowed in the policy?
A) You are given a certain amount of time for unoccupancy e.g. holidays; if you move home but have not yet sold the one covered, insurers must be notified immediately. Some form of restricted cover will apply, depending again where the home is situated and what protections are maintained.
If you have any more questions please feel free to Contact Us.