card guide
Contents And Buildings Insurance

What’s it worth?

The place where you live is probably the most valuable thing you own. But it’s not just its financial value that is important, the likelihood is if you have lived in one place for some years that it will be full of things you have collected that have sentimental value too.

Roof over your head

Even if we put to one side the fact that your home is full of personal memories and mementos and consider the property just as an investment, you certainly need to have that investment insured.

Buildings insurance will cover most things that can occur to the fabric of the property, that is, the walls, the roof and the actual structure of the building. Contents insurance is to insure the things inside: your television, your furniture, the cameras, the DVD’s, the book shelves and their contents – basically all the consumer stuff that we all have about us in Britain.

Making a claim

Making a claim on either your contents or buildings cover is a simple case of notifying the insurance company. They will usually then send out a claim form and sometimes will send somebody round to evaluate exactly what the damage or problem is.

Sufficient cover

You must make sure that you have estimated the value of your total contents accurately. Too little and the insurance company can decide not to pay you anything. If you have been subjected to a burglary it is important that you have notified the police before you contact the insurance company. The same goes if you are submitting a claim for personal possessions that have been stolen or lost whilst out of the house, such as a mobile phone or camera.

Cost

The increasing severity of the winds and flooding during winter is driving up the cost of buildings insurance. Properties where flooding has become more than an occasional occurrence can be black-listed and you may find that no insurance company will actually insure you against flood.

Strong winds that result in claims for storm damage are making the insurance companies charge us all more. As they are increasingly hit with large claims the insurance companies need to retain their profits. The only way to do that is to increase premiums.

Selfish acts

Premiums for contents insurance have been going up steadily partly because when people make claims in this country we seem to have developed the habit of suddenly acquiring more goods than we had before, so items that never existed get claimed for too. This has the effect of gradually pushing up premiums everywhere. Again, the insurance company must maintain its profit margin.

Buy from a broker

Buildings insurance cover is often sold alongside your mortgage. If you want a good deal on your buildings cover then you really don’t want to be buying it from your mortgage provider. A Broker will usually be able to get you a far better deal and will save you enough to easily cover the token charge the mortgage company may levy when you decide not to take out the business with them.

No value

Some people choose not to have contents cover, or decided to skip it as they haven’t claimed in say ten years. But in our experience as soon as you decide not to have insurance that’s when you suddenly find you need it!

Ultimately, the things inside you house that have been collected over the years on holidays, or as mementos of your children growing up, or even just of your own life, are ultimately priceless and irreplaceable. But contents insurance is worth having for those things that can be replaced and don’t have any sentimental value.


Posted on: [ November 03, 2017 ]       Add to Del.icio.us   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon