About Property Insurance
There are two types of property insurance policies.
Home contents insurance protects you against damage or loss of the possessions that you would normally take with you if you moved.
Buildings insurance protects you against damage to the structure of your home together with its fixtures and fittings.
Both policies cover you against a stated list of perils for example; fire, subsidence, theft, flood and storm, as well as providing important cover for your legal liabilities as a homeowner and occupier.
If you are purchasing a flat, often this cover will be built into the service charge that you pay to the freeholder, your solicitor will check this for you.
At Profcol, we have access to a range of competitive providers and can quote cover for your own home, as well Landlords Insurance.
Landlords Insurance
Having a portfolio of property can create administrative complications when each property is insured separately. Profcolcan offer block property cover, which means that you have just one policy with one annual renewal and payment. With a block policy, you can add and take away properties at any time throughout the year as you buy and sell, with just a simple phone call.
More Information
Read the policy – An insurance policy is a contract that sets out legal obligations on both the policyholder and the insurer so it is important you understand what you are agreeing to. Modern insurance policies are easy to read – many of them have won Plain English awards. There is no “small print” and you should read the policy you are considering NOW so you understand the level of cover it will provide and the circumstances in which a claim can be made. If you need any points clarifying, speak with your insurance company or insurance adviser on the particular matters.
Exclusions and excesses – These explain what your policy does not cover. You should read your policy to be sure you are clear about the cover it provides. If there is anything you do not understand, ask for an explanation from the provider of the cover either a broker or the direct insurer. In the event you make a claim you may be required to pay the first part yourself – this is called an excess. Excesses are applied to a range of claims. Check these when you buy your policy and at each renewal date.
Extensions of Cover – The risks for which you are covered are listed in your policy. However, for an additional premium, you can widen your policy to cover “accidental damage”. Under a conventional contents policy (“indemnity” or “new for old”) your carpet, for example, would be insured if it were burned, damaged by leaking water or ruined by malicious vandals. It would not be covered if you spilt a tin of paint on it. This is known as accidental damage and can be a valuable extra protection.
“All Risks” is cover for items which you regularly take out of the house such as binoculars, cameras etc. These can be listed in the policy under an “All Risks” section, again an extra premium is payable.
Paying your premium – Many insurers will allow you to pay in installments. You must keep up the payments or cover will stop. You need to be clear on the requirements of the policy you are considering before you sign up.
No-claim discounts – Some insurers operate a no-claim discount system when policies are renewed with them. Check on your renewal notice to see if this applies. Security – Some insurers require the installation of approved alarms and/or minimum-security fittings before providing cover. Check whether this applies.
What should I do if I need to make a claim?
If you have lost credit cards or cheque cards, tell the company that issued them immediately, a delay of even a few hours could prove expensive for you.
All insurance policies set out clearly the risks they do and do not cover. Read your policy and make sure that the loss you have suffered is covered by your policy. Decide which policy – buildings, contents or both – to claim under. If you are not sure, telephone your insurer(s) for advice. Many insurance companies provide telephone helplines for policyholders facing an emergency. They can give you the names of good tradesmen for emergency repairs and, of course, give detailed advice to those having to make a claim. Your policy booklet gives you a contact number.
Ask your insurance company, building society or insurance adviser for a claim form.
It may be difficult to get estimates quickly (for example, if damage is widespread in your area as a result of flooding, builders and plumbers may be hard to track down), send the claim form to the insurance company straight away and tell them you will send estimates as quickly as possible.
If temporary repairs are required to prevent further damage, arrange for the work to be done and keep bills. The cost may form part of your overall claim. It is important to keep damaged items because the insurance company may want to see them. Burnt or soaked property can be kept in a shed or garage.
As soon as the insurance company receives your estimates it will either:
- Pay your claim.
- Arrange for a claims inspector* to call on you.
- Send a loss adjuster** to handle the whole claim.
Property insurance companies usually want to see evidence of ownership and value of property which has been lost or damaged. It is important to keep, if possible, receipts and professional valuations. If you do not have these ask the insurance company what other evidence they will accept.
Other useful information
The postcode is the base upon which insurers calculate premiums. A number of other factors are taken into account when calculating the full premium such as a policyholder’s previous claims history, the sum(s) insured and the nature of the items to be insured. Not all insurers place particular postcodes in the same rating bands. Competition between insurers means premiums can vary considerably for similar risks in the same locality. It is worthwhile shopping around.
Liability
Need more information on Property Insurance Quotes?
Please give us a brief summary of what it is you would like to do and we will come back to you quickly to let you know how we can help. If you want to talk to us immediately, please call 02079 989 840