The home insurance
information contained within these pages is
based on information supplied by
The
Claims Guru, a site packed with useful
information about the inner workings of insurance
companies and their products.
Home Insurance - What Cover To Pay For
This is down to you and your requirements. You can read up about the different cover types in more detail on the policy cover page.
First, decide upon your requirements.
Do you own the buildings?
Do you live in a flat or a bed sit?
Perhaps you just need to cover your contents?
Are you accident prone?
Do you have children?
What sort of property do you live in and do you have a lot of valuable items or just simple, basic furniture?
Thus, you have to chose (for both buildings and contents) if you need, and can pay for, accidental damage cover or if you can live with just the basic perils covered. Considering questions like these will help you decide.
Second, calculate the value of the risk you are proposing to the insurer. This means, for your buildings, noting down the type of property (number of bedrooms, style, age) and working out the physical size of the building. If you live in a block of flats or with others sharing a building, you will need to get together and do this then buy one policy for all of you.
For the contents, you should write down a list of every thing you have and note beside it the replacement value (you want 'new for old' cover don't you?). Too much like hard work? Sounds as if you need a bedroom rated policy. It will save all that work but you might be paying out a higher premium for higher sums insured than you need to.
Q: How did it happen?
A: Removing engine from car. Engine fell and jammed my hand against
chassis.
Q: What were you doing at the time?
A: Yelling like mad!
Extracts taken from actual claim forms submitted to
a number of UK home insurance companies
Third, consider all those special items and valuable pieces you have. If you have any valuable jewellery, antiques or works of art, I strongly recommend you have them listed as specified items on your policy. This will cost a little extra but well worth it. Before doing so, get each piece professionally valued (and if jewellery, gem checked) and photographed. Similarly with bicycles, expensive camcorders, laptop computers and so on. Indeed, anything of value that you take out and about with you.
Fourth, I recommend you take out cover for unspecified items outside of the home. This cover should also give you accident damage cover for these items within your home. The only people that do not require this cover are those that never go outside their front door! It will also cover you for your basic baggage whilst on holiday thus saving you on your travel insurance. And the cover is better! (Travel insurance always pays indemnity - they take off wear and tear. Your unspecified cover, if you follow my advice, is 'new for old' - except clothes).
Fifth - liability cover. This is a must have. It is always provided free with your other cover. Make sure you have it on both buildings and contents if you are an owner. If you do not own buildings, then the liability cover on contents is fine on its own. Its a bit like having 'third party' cover on your car (although not legally compulsory).
Lastly, there are the extras many insurers now provide. Such as free legal help lines and emergency assistance providers. My personal experiences of these services is not that favourable. I usually end up getting out the 'Yellow Pages'. Then all you have to do is buy the cover you want. Chose an insurer who has a good reputation, even if it costs a little more. All of the insurers featured on our site have a good reputation !!.....and of course they offer great value for money.
