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Home Insurance UK

       

Home Insurance UK - Quick Summary of Home Insurance in the UK

 Home Insurance in the UK

Home Insurance UK 2012

Home insurance in the UK is not compulsory
Most mortgage lenders will insist that you have house insurance
There are two main types of House Insurance - building and contents
Tenants don't need building insurance as it is the landlords responsibility
Building Insurance doesn't cover wear and tear, war or acts of terrorism
It is usually cheaper to combine building and contents Insurance with the same insurance company
It is usually cheaper to pay your house insurance bill annually rather than monthly
The cheapest quote is not always the best quote - you need to fully check what you are covered for

        

   Home Insurance in the UK

The following information is correct up to:

         

          

Can an insurance company turn down my application for home insurance?

   
Yes they can - insurance companies may cancel, decline or refuse your application for home insurance for any of the following reasons:
You have a high risk occupation
You live in a location that suffers from subsidence
You live in a location that is prone to flooding
You live in a listed building
You have a criminal conviction
You live in a property that has a none standard construction
You have already made too many claims
Your property has been left unoccupied for more than 30 days
You have personal possessions that have a very high value
 
What is covered by Building Insurance?
   
The average buildings insurance covers things such as the overall structure of the property as well as fixtures and fittings of your home, e.g. walls, roof, floors, ceilings, windows and doors, built in cupboards, kitchens and bathroom suites. Most home insurance policies also cover outdoor structures such as garages and sheds,, gazebos and greenhouses etc. Items which might not be specifically covered included gates and fences, boundary walls or damage to supply pipes such as water and gas. It is always important to read the small print on your policy very carefully in order to find out exactly what is covered.
   
A good buildings insurance policy should cover the full cost of repair or rebuild if any of the following should happen:
An earthquake
A lightening strike hits your property
If you have a burst pipe dues to your plumbing freezing
You have a fire
Some sort of explosion - such as a gas leak
If a vehicle crashes into your property
Vandalism
Storm damage
If a tree falls onto your property
   

New for old cover

Most contents insurance policies are usually based on a 'New' for 'Old' type business model, What this means is that in the event of you making a claim, any old contents or items will be replaced with equivalent new items. Normally the insurance company will keep the right to either repair or to replace the lst or damaged item. Cash settlements do not always get offered as the insurance company may have struck a deal with a particular supplier who can provide the product at a greatly reduced price. This helps to keep the overall cost of any claims down, which in the longer run will also help to keep everyone's premium at a lower level
   
The odds of needing to make a claim
   

There is aone in 10 chance that you will be burgled or suffer from some form of accidental damage.

As of 2012 the average buildings type policy is £171 pounds a year where as home contents insurance is £140 a year. These prices will vary massively according to the property type and its location.

The percentage of home owners that have buildings insurance is 76% and the number of home owners that have contents insurance is 64%. The remaining 24% and 36% respectively are assumed to be self insuring. i.e. they are prepared to fund any losses themselves, which for something like just a broken window may seem like a good idea however in the event of a flood or a fire where you have lost everything means that it is not such a good idea. Over the insurance industry as a whole there were 2.1 million home insurance claims made during 2011, the avaerge of these claims came to £1,500

   

    

Useful Home Insurance UK Advice Websites

 

       

    
       

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