The Importance Of Home Insurance
By London's most reliable window cleaning Company
The importance of home insurance
Everyone wants to keep their home clean and tidy and in a good state of repair however by not having adequate home insurance you are leaving your property exposed to a number of risks including flooding, storms, theft and more.
Here we look at how home insurance works, how to choose a suitable policy and how cleaning and home maintenance could help you make a successful claim.
How does home insurance work?
Home insurance covers two areas:
- Buildings insurance: This protects the structure of your home and its permanent fixtures and fittings against risks such as storm damage, theft, malicious damage, flooding, fires and subsidence, depending on the terms and conditions. Buildings insurance may also cover outbuildings, underground pipes and cables and glass in external windows and doors.
- Contents insurance: This protects the items within your home ñ such as furniture, clothing, carpets, electrical goods and so on ñ against risks including fires, theft, water leaks, storm damage, explosions and more, depending on the policyís terms and conditions. Normally, contents insurance is available in two levels ñ either: ënew for old coverí which means that if your possessions are ruined they are replaced with new ones; or ëwear and tearí cover where a percentage of what you paid for the item is deducted for depreciation.
There may be a number of additional cover options offered either as ëstandardí, meaning they are automatically included in the policy, or as ëoptional extrasí, meaning you can choose to add the cover for an additional premium. This could include accidental damage cover, legal expenses cover and home emergency cover.
How to choose a suitable policy
If you're shopping around for home insurance then you should read the terms and conditions of each policy thoroughly to see what features are included. Also pay attention to the 'exclusions' - these are circumstances in which you will not be covered. For example, you may not be protected for accidental damage in your home if it is caused by a pet.
Other factors to consider include:
- Sum insured: This is the amount of money your home is insured for. When taking out a policy you should accurately estimate the rebuild value of your home and the total value of its contents. Remember that within the sum insured there may be maximum limits placed on certain types of claims ñ for example, you may only be able to claim up to £3,000 for accidental damage to electrical items.
- Specified items: Most insurance companies set a maximum limit per item and this is usually in the region of £1,500. Items that cost more than this will usually need to be listed separately on the policy. If you have a number of valuable items, you may wish to consider a ìhigh valueî home insurance policy with extended limits.
- Excess: This is your contribution towards a claim and is usually divided into a compulsory excess set by the insurer and a voluntary excess, which is an additional amount you agree to pay on top of the compulsory excess. Increasing the excess can lower premiums but you should be careful to keep it at a level you can comfortably afford.
When shopping around itís sensible to compare as many policies as possible to ensure youíre getting value for money. Comparison websites are a great place to start as they can compare quotes from as many as 65 home insurance companies with a single search. There may also be discounts for buying online due to the savings insurers make on overheads.
How cleaning and maintenance can help you make a successful claim
If you need to make a home insurance claim then you should contact your provider as soon as possible following an insured event ñ you will usually be asked to fill out a claims form and the company may wish to send out a loss adjustor to assess the claim.
Keeping your property in good condition is vital as if you are found to have been negligent then a claim could be invalidated. For example if you have loose tiles on your roof then get them repaired as soon as possible because if they blow off in a storm and cause damage, a claim would normally be invalidated if they were already in a state of disrepair. Similarly, keeping your gutters and drains clear is important to help prevent flooding and itís sensible to clean your windows regularly and look for signs of subsidence around the window frames.
How to save money on home insurance
In addition to shopping around for home insurance, there are several actions you can take to potentially lower premiums, such as:
- Buy a combined policy: You may find it is cheaper to take out buildings and contents insurance with the same provider.
- Increase security: Reduce the risk of property theft by installing a burglar alarm and other security devices, such as time-switch lights, at your home. Invest in key operated window locks and five-lever mortise locks for doors.
- Pay annually: Agreeing to pay premiums upfront can avoid monthly interest charges.
- Reduce fire risk: Smoke alarms and fire extinguishers can help prevent fires getting out of hand and can therefore help lower your home insurance premiums. Similarly, you may be able to save money if there are no smokers in your home.