25 Nov 2019

Finding dependable homes insurance to meet your needs

Northern England and The East Midlands have been drenched by relentless rain that has burst river banks in South Yorkshire and Derbyshire and put homes under water throughout the region, including Nottinghamshire and parts of Leicestershire.

No-one wants the heartbreak of seeing their valued possessions floating in a sea of filthy water and having to remake their nest all over again. Failsafe insurance is therefore essential in buying a home, minimizing costs and distress should the worst happen.

Do I need home insurance?

If you begin a property search of homes for sale online insurance is something you should always factor into the forthcoming expenses.

There are three main types of home insurance: buildings insurancecontents insurance and joint buildings and contents policies. While home insurance is not a legal requirement like car insurance, your mortgage lender normally requires your property to be covered by buildings insurance to meet rebuilding costs should your home be totally destroyed.

Contents insurance covers the replacement of your belongings if they are damaged, destroyed or stolen. It will also cover the cost of alternative accommodation while you are unable to stay in your home.

For combined buildings and contents policies, you may still have to pay separate excess for each part of the policy. If a flood meant redecorating and the replacement of many of your possessions you might have to pay an excess on the building work as well as the new items.

Does my insurance cover flooding?

If you think you are at risk of flooding, sign up for flood alerts by phone, email or text message if your home or business is at risk of flooding. The service is free.

If it’s a flash flood, then you are generally covered. But some insurers may be unwilling to cover you if you live in a location at risk of flooding. Others may decide to set higher premiums on home insurance.

Insurance policies vary in their levels of cover, with some covering the replacement of damaged items, while others may include help with the clean up process. 

How much buildings cover?

Homeowners often overvalue their property when it comes to buying buildings cover and undervalue their possessions when they buy contents insurance. This is because with buildings insurance you will be asked to estimate the cost of rebuilding your home from scratch. Some people confuse this with the market value of the property, which is likely to be considerably higher.

A popular alternative is to opt for a policy where you specify the number of bedrooms and the insurer estimates the cost of rebuilding. This method is less accurate, as the insurer is likely to put a high rebuild value on your home to make sure you are covered, meaning  higher premiums.

Contents cover 

For contents, make a list of everything from books and clothes to furniture and gadgets in every room. For each note down how much it would cost to replace them new and add up the total. Valuable items such as laptops, cameras, jewellery and antiques may need to be highlighted and named items in the policy.

Policies will normally have a single limit on the amount you can claim for any individual item so make sure that this is enough for your needs. 

The best policies will replace your items on a new-for-old basis or provide a payout of equivalent value. Accidental damage won’t necessarily be covered as standard but you can add this on. You can also add on cover for possessions like mobile phones, laptops, bikes and handbags outside the home

The right cover

If your home content or buildings insurance is up for renewal or you’re moving into a new home, you can start an initial search online, but the best thing to do is find an independent insurance broker who will search insurance providers for you to ensure individual cover that is right for you. 

Brokers are particularly useful if your property has had subsidence, or is at risk of flooding, as they will be able to put you in touch with the right specialist insurers. 

The cheapest option isn’t always the best deal and may be a false economy. Cut-price policies may be full of exclusions or have lower limits on the amount you can claim under different elements of your cover.

With a team of locally based specialists offering service excellence in all aspects of letting and selling homes online, offering low fixed fees and exceptional customer ratings, can help steer you to the right insurance providers who will provide exactly what you need.

For further information about online homes for rent, contact Online Estate Agents Ltd; on 0330 1244 786.

Return to blog