Y o u r M o n e y
Do You Have it T
he Service Families Federations have teamed up with Neil Bresler, the Chairman of the
Services Insurance and Investment Advisory Panel to look at the latest advice on insurance for Service families. Here are their thoughts...
Hot, hot weather, and the excessively cold winter seems a long time ago. But with that extreme weather came much heartache as devastation of homes took hold. Burst pipes, water damage and collapsed ceilings. Not only did this cause significant damage to the property itself, but also many families lost irreplaceable treasured possessions. It is at this upsetting time that some families in Service Families Accommodation discovered, after sifting through a pile of sodden paperwork, that their contents insurance policy is not only insufficient to cover the damage but also made them potentially liable to charges from DE for damage to their SFA.
Whilst there is no legal requirement to insure your possessions, how do you make sure that if there was a fire or flood, you would be able to replace the items that you and your family own should they be lost or damaged?
The simple answer is home and contents insurance but as in many things, the simple
36 Autumn 2010 Contents insurance
In this context, ‘possessions’ means anything that is not permanently attached to the structure of the home. It is worth reviewing the cover that you currently have in your policy as, over time, you and your family may have acquired additional items and you need to make sure that you are insured for the full value of your possessions – if not, then the Insurer may be able to reduce your financial settlement or even decline your claim.
A civilian home insurance policy may include cover for business equipment which provides cover for your military kit whilst in the home, but will almost certainly not cover you if your military kit is lost or damaged away from home. Specialist Forces home insurance policies are available which offer additional protection for both temporary and permanent issue military kit. Civilian home insurance policies may also not be able to provide cover when the home is unoccupied for longer
Covered?
answer hides potential pitfalls. In the same way that there are many makes and models of car, there are hundreds of home insurance policies offering variations of cover and it is important as an Service family, that you pick the one most suitable for your needs and not just the cheapest.
periods (over 28 days) or if you are in your own home and need to put tenants in when posted away.
Damage to the property
Whether you are renting in the private sector under an Assured Shorthold Tenancy or you are living in SFA under a Licence to Occupy, your landlord is responsible for the structure of the house and will not provide any cover for your personal possessions.
You should make sure that you read the contract (for a privately rented property) or the Licence to Occupy which you sign when you move into SFA – here you will find that you have signed a legally binding document making you responsible for damage to the home without limit. Virtually all home insurance policies provide ‘Occupier’s Liability’ which covers you for claims for damage to the property arising from your legal liability as occupier and usually provides a limit of indemnity (the maximum that the Insurer will pay) of £2,000,000.
The sort of event where this cover operates is where for example, someone has put a chip pan on the stove and then gone next door to borrow some vinegar and forgotten that the pan was on the stove – a fire has occurred and you will be held legally liable for negligence and the cost of repairs.
www.raf-ff.org.uk
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