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BUILDING INSURANCE
WHAT BUILDING INSURANCE IS
Building insurance is a policy designed to protect you in the event of something happening to your property. The cover is based on what it would cost to completely rebuild the property, something which you can check through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt. You need to notify your insurer of any change to your property during the course of the policy – for example, the construction of an extension, a conservatory, or a loft conversion.
WHAT BUILDING INSURANCE COVERS
In its simplest form, building insurance covers the building itself, and not any of the items that are kept in it. There are policies that include additional cover, such as metered water, loss of rent or costs for alternative accommodation, legal liability, and so on. These are all things that you’ll need to discuss with an insurance adviser, either someone from your prospective insurer or an independent adviser such as Options Mortgage Services. If your property is mortgaged, the property will need to be covered by a building insurance policy in order to protect both you and the lender.
KEEPING COSTS DOWN
Many insurers will offer discounts if you have considered the security of your property. Things like a burglar alarm, window locks or membership of a Neighbourhood Watch scheme may help to bring your premiums down. You may also get a deal if you combine contents and buildings insurance.
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Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess, you might get a cheaper policy.
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While cost matters, it’s essential that you always compare what's covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection. Our advisers can help you find the right cover for you, whether you’re a first time buyer, looking to cover a buy to let property, or anything else.
CONTENTS INSURANCE
WHAT IT COVERS
Contents insurance is what covers your belongings within the property. Furniture, home entertainment equipment, electrical appliances, and more – it should all be covered by your contents insurance policy. Some policies cover you for items you take outside, for example cameras, jewellery and briefcases. Different policies offer different levels of cover but generally you'll be covered against theft and fire and have the option to insure against damage you may cause by accident. It is always vital that you thoroughly read and understand the full policy terms and conditions.
ADDITIONAL COVERAGE OPTIONS
As well as the option to protect contents away from the home, many contents insurance policies offer extra coverage. You can get coverage for money in the home and credit card misuse, items kept in your garden, deeds, registered bonds and personal documents, gold, silver, jewellery, and even frozen food that is thawed and destroyed due to power failure! Some policies cover accidental damage and door lock replacement – you can even get increased coverage on a seasonal basis or before a major event like a wedding, when there is likely to be more in your home to protect!
LEVEL OF COVER
There are different levels of cover available, depending on your requirement, and the amount you wish to spend to protect your possessions. Many companies offer new for old replacement as standard, meaning that any old or damaged items you need to claim for will be replaced with new ones. This may lead to increased premiums following a claim, but it’s a popular way to ensure that you are properly protected. When you speak to a member of the Options Mortgage Services team, we’ll go discuss the level of cover you need in order to offer a tailored insurance recommendation.
WHAT ISN’T COVERED
Your contents insurance policy will have a maximum payout amount and may also include a maximum payout amount for single items. You won’t be able to claim anything beyond these limits. It’s important to know how much replacing your contents would cost when arranging cover, otherwise you could be in for an unpleasant surprise should the worst happen. You'll need to specify individual items such as expensive jewellery or camera equipment, for example. Your cover may also be affected or cancelled if you leave your home empty for a long period of time, or if you let it out.
GET IN TOUCH
If you need help finding the right building and contents insurance policy, talk to Options Mortgage Services in Reading, Berkshire. Our advisers can help you find what you need.
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0118 954 1000
info@optionsmortgages.co.uk