We regularly work with home insurance providers to help rebuild any damage, therefore, have come across many questions surrounding home insurance. From the different types to when you need to contact your insurer, this blog will look at the most frequently asked questions surrounding home insurance.
What Is Home Insurance?
In simple terms, home insurance is a type of insurance which protects your property and the belongings within your property. There are three options of insurance; building insurance, contents insurance and combined insurance.
Covering the cost of repairing any damage to the structure of the property, buildings insurance will cover the expenses of rebuilding your home in case of any damage. This will include any structural damage, such as to the roof, windows and walls, and fixed fittings, such as baths and fitted kitchens.
If the belongings in your home are stolen, destroyed, or damaged, contents insurance will cover the cost of replacing these items. The difference between items covered by buildings insurance and contents insurance could be defined by things that you would take with you if you moved home.
Combined insurance is building and contents insurance; when purchasing both together, it tends to be slightly cheaper than buying them individually.
Is Home Insurance Essential?
If anything was to happen to your property, such as a fire or storm damage, could you pay for the repairs? Home insurance isn’t compulsory, but mortgage lenders will most likely insist that you have cover.
Do I Need Specialist Insurance?
If your home is built with non-standard materials, it could indicate that you need specialist insurance. In addition, there are a number of factors which could mean that your house requires specialist insurance. If your home falls under one of the following, you’ll likely need to obtain specialist insurance:
• A listed building.
• A converted barn.
• Has more than six bedrooms.
• Is a flood risk.
• If your home is uninhabited for more than 30 consecutive days.
• A holiday let.
• A B&B.
• You operate a business from home.
Do Tenants Need Home Insurance?
It’s the responsibility of the owner to acquire buildings insurance. Therefore, as a tenant, you may only need to obtain contents insurance. Before purchasing this type of coverage, check with your landlord whether they already have contents insurance.
When Could My Home Insurance Become Invalid?
There are several reasons your home insurance could become invalid and could potentially mean you are unable to claim on the insurance.
If your property is vacant for more than 30 consecutive days, your policy may become invalid. If this is the case, it is likely you’ll need specialist insurance.
If you do not make necessary repairs in time, such as a leaking roof, the insurance provider may not be willing to allow you to claim on the insurance. Therefore, it’s essential to inform your provider as soon as any problems arise.
When Do I Need to Inform My Insurer?
To ensure you don’t affect the agreement between yourself and the insurance provider, it is essential to notify your insurer of several factors.
If you’re making any renovations, such as an extension or conservatory build, this will affect the cost of your property if it needs to be rebuilt; therefore, you’ll need to inform your provider.
Renting Out A Room
The cost of your insurance will be dependent on risk, therefore renting out a room will increase the risk. This will mean that you’ll need to adapt your cover and, more than likely, need to pay more, or even change providers to get adequate protection.
Not tending to any fundamental issues is likely to result in invalidating your insurance. Therefore, as soon as any damage occurs to your home, it is vital to notify your insurer to ensure you’re abiding by the contract between both parties.
What Is Accidental Damage Cover?
Not all building insurances will cover accidental damage; these are any unexpected and non-deliberate actions. For example, if partaking in DIY and accidentally puncturing a water pipe or someone in your home unintentionally breaking a window. Some insurance companies will often allow you to add accidental damage cover onto your building’s insurance at an additional cost.
How Do I Get Home Insurance?
There are several ways you are able to get home insurance; it’s recommended to shop around to find the best price with the greatest coverage for your property. There are a number of price comparison websites which will allow you to find the best insurance for you.
When looking for a quote, you’ll be asked several things, such as your address, the property type, value of your possessions and the rebuild costs. After finding the ideal insurance, you’ll be redirected to the provider’s website.
We regularly work with insurance companies to help rebuild properties following any damage. If you’d like any information regarding building structures, don’t hesitate to get in touch. Martin Perry Associates is a building surveyor in Cornwall and the West Country; for further information on the services we offer, browse our website and get in touch if you require our services.