Insurance
Your home is your castle.
Let us help you find the best building and contents insurance to best protect your property and belongings. We also deal in insurance renewals with the goal to save you even more in the long run.
Buildings Insurance
If you have a mortgage then your lender will insist that your property is protected by buildings insurance. This usually pays out in in the event of property destruction by fire, flooding or subsidence (although you will need to check beforehand if you live on a flood plain, for example)
Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, garages and greenhouses.
Buildings insurance might be offered to you when you take out your mortgage, but you don’t have to take it. Use the key policy information to shop around and get the best deal for you.
When Might I Not Need Buildings Insurance?
If you purchase a leasehold property (such as an apartment within a block of flats), the freeholder might have arranged buildings insurance for the whole block, in which case you might already be covered. Check with the freeholder and if you need any advice, feel free to contact us.
What Isn't Covered In Buildings Insurance?
Buildings Insurance cover is calculated based on what home would cost to rebuild in the event of its destruction by fire, flooding or subsidence. The Building Cost Information Service (BCIS) website has an online tool to help you calculate the sum you should have your buildings insured for.
You must tell your insurer if you have extended or plan extend your property, such as adding a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance.
Keeping Cost Down
It is worth shopping around for the best deals when it comes to buildings insurance, and often it works out significantly cheap to find a deal that includes both buildings and contents insurance in one.
A standard policy will include an average excess charge, meaning that you agree to pay the chunk of any claim – generally, the higher excess you agree to pay, the cheaper the overall policy will be.
As a rule, always compare what the policy actually covers, do not go for the cheapest policy based solely on price. Cheaper does not mean better protection, it usually means less protection.
Contents Insurance
What it's For
Contents Insurance covers the loss or damage to your belongings in your home. This includes furniture, possessions and electrical goods.
Some policies will cover you for items you keep on your person and leave the property with, such as jewellery and briefcases.
Most policies will cover you against fire and theft, and have the option to insure against damage you may cause by accident. It is always vital you thoroughly read and understand full policy terms and conditions.
If not already covered by contents insurance, you may wish to consider travel insurance for insuring your personal belongings whilst travelling abroad.
What isn't Covered
Your insurer will set a maximum that they will pay out for on the loss or damage of your contents. They may pay a maximum amount on sign articles, you will ho
Anything beyond the maximum your insurer says they will pay. It may pay a maximum amount on sign articles. You’ll need to specify the value of the clients.
Some companies limit their pay-out over certain items, so you’ll need to specify more expensive items such as jewellery or camera equipment.
If you leave your home empty for extended periods, your cover might be affected.
Building damage is not covered – this is covered under buildings insurance.
Keeping Costs Down
Like buildings insurance, it pays to shop around when it comes to content insurance. Many insurers offer discounts if you have security systems in place on your property, such as burglar alarms, window locks or if you are a member of a Neighbourhood Watch Scheme. Additionally, a lot of insurers combine contents and buildings insurance under one policy.
Most policies have a standard excess charge, meaning you agree to pay he first part of the claim, for example the first £50 or £100. If you agree to pay a higher excess, you might get a cheaper policy.
Level Of Cover
A “New for old” policy will replace old, damaged appliances and possessions with brand new ones when you claim.
This will however affect your premium for the following year, or the insurance company may refuse you cover for the same risk if it happens more than twice, for example.
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FPS Financial is a trading style of Marc Catry who is a Registered Individual to Andrew Groves, which is authorised and regulated by the Financial Conduct Authority. Andrew Groves is entered on the FCA (http://www.fca.org.uk/register/) under reference 741910
Registered office: FPS Financial, 66 St. Nicolas Park Drive, Nuneaton, Warwickshire, CV11 6DJ. Telephone 02476 351 151.
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