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PROPERTY INSURANCE BASIC BUILDINGS COVER AND THE VALUABLE INSURANCE EXTRA’S
In the July edition we highlighted the need for advice and quality of cover over cheap and cheerful when you consider insurance cover. The cheapest insurance in the world is no use if it does not cover what you need to. We will start to look at the various types of insurance policies in the market, this month we start with Buildings Insurance.
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BUILDINGS INSURANCE Buildings insurance is extremely important if you own your own property or have a mortgage. It covers the cost of any structural damage to your home. This includes fixtures and fittings such as walls, floors, pipework and electrics and includes any fitted kitchens or bathrooms. DID YOU KNOW, if you are buying a new home with a mortgage, you will not be able to exchange contracts on your property until you have your buildings insurance. Do not leave it to the last minute or it could delay your purchase. If you have arranged your mortgage through a mortgage adviser, it is a good idea to ask them for help to make sure you have the right insurance in place for when you need it. Making sure it covers the minimum requirements of the lender and what is important to you. Most types of insurance will pay out for flood, fire and subsidence; however, you can also get cover for the following that quite a few people do not think about in a basic insurance policy.
Accidental damage cover - If you want to protect your home against DIY disasters , such as a nail through a pipe or a foot through a floorboard, accidental damage cover makes a lot of sense, it will usually cover accidents to any garages, greenhouses or garden sheds as well as the main dwelling.
Replacement of lost or stolen keys – This can help to take the stress out of losing or having your keys stolen. You normally have access to a 24-hour helpline and will have locks and keys replaced quickly. You may also be covered for getting back into your home if the keys are locked inside.
Alternative accommodation expenses - for you and your pets. If your property is un- inhabitable some policies will cover the cost for you (and your pets) to be put up in alternative accommodation
whilst repair work is carried out.
Trace and access - not all policies will cover the cost of removing and replacing parts of your building to find and repair water or oil leaks. Some only pay for repairing the leak itself. Rather than completely fixing the problem, this can leave you with multiple holes in your walls, ceilings and floors… and a hefty bill to put it right.
Repairs from approved tradesmen - If your kitchen caught fire because a pan was left on the stove or if an electrical device malfunctioned, a more comprehensive buildings insurance could cover organising workmen to repair the damage. You could also be covered for re-decorating the affected rooms.
Home Emergency Cover - If you were in a situation where your home becomes un- inhabitable and you are frantically phoning around for a reputable plummer, joiner or electrician then home emergency cover could be just what you are looking for. It gives you
around the clock support and 24/7 access to approved tradesmen should the worst happen. This is ideal if you need help quickly to deal with burst pipes, blocked or broken drains, toilet problems, loss of power, heating system failures, broken windows or doors that make your home unsafe, cover for the removal of any pest infestation such as mice, rats, bees, wasps or bats.
Legal Expenses cover - It normally covers everything from employment disputes and personal injury claims, to tax enquiries and probate; not to mention any legal issues with your home. Do not make the expensive mistake that all insurance policies offer the same cover, they certainly do not.
What will happen if you are under insured? What is the under-insurance clause? - It is important that the property is insured for at least its full value to avoid claims being reduced or declined due to under-insurance. When a property is under-insured, any claims made will be subject to an average. This means that any valid claim pay-out will be proportionally reduced by the amount that the property is under-insured. The important message here is, do not try to cut corners with your insurance as you are putting your biggest ever investment (your property) at severe financial risk.
Peter is one of the panel experts for the Grand design Live TV show & is found in the 2019 vouched for guide to the UK’s top rated financial advisers
For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
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THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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