BUILDING INSURANCE
BUILDING INSURANCE
If you own property, buildings insurance is an absolute necessity. Buildings insurance protects your property from risks and hazards such as flood damage, fire, or storms. Not only does it cover the structure of your home but it also covers fitted or permanent fixtures inside and outside, as well as outbuildings that are part of your home.
When taking out a mortgage, your mortgage lender will most likely request you to have a policy in place as a loan condition.
Your given cover should be enough for the full rebuild cost of your home. Insurers will differ on how to calculate these rebuild costs, which could be based on the number of bedrooms you have, the amount mentioned on your home survey and the details you have provided.
Most policies include a standard level of cover, though some policies may offer ‘unlimited’ coverage.
If your insurer calculates the cover level automatically, you are required to disclose anything unusual about your property, such as its age, construction type, or outbuildings. Make sure to inform your insurer about any extensions or changes to your home to avoid the risk of being underinsured.
LANDLORD INSURANCE
If you are a landlord, we are happy to advise you on choosing the right insurance to protect your property while it’s being rented out. This can be used to cover things such as the building itself, possessions that belong to you inside the home, and legal expenses.
Landlord insurance will typically include buildings insurance to cover the costs of damage to the structure of your property. It also includes contents insurance to cover moveable items and possessions in your property.
ACCIDENT INSURANCE
Although you can reduce the chances of getting involved in an accident, it is not possible to remove this risk completely. How would you and your family manage if you were left unable to work from an accident? Even more concerning, how would your loved ones manage financially if it resulted in a permanent injury or disability?
At Jeniss, we can arrange for you to receive accident insurance, specifically designed to provide financial protection to you by giving a lump sum if in the future you were to suffer from a specific accidental injury. Some accident insurance plans also cover stays at the hospital.
CONTENT INSURANCE
Contents insurance covers your household items and personal possessions, including furniture and clothing, jewellery and electronics. You can normally add different options to your insurance that will provide further protection, like accidental damage cover or coverage for possessions outside the home. Some insurers include these options as standard.
If you are a tenant renting out a property, you most likely won’t need buildings insurance (which is the responsibility of the property owner) but it is still essential to have contents insurance.
Most insurers offer standard levels of cover between £30,000 and £50,000. If you need less than this, we can help you in arranging insurance from £10,000, an amount enough for most households. However, it’s essential not to underestimate the value of your possessions. Make sure to consider everything in your home and estimate the cost to replace them. You should also ensure that you include items in cupboards, garages or any expensive items tied to hobbies or pets.
Most insurers offer combined policies that cover both home and contents insurance together instead of standalone. If you need both, this option can be a more cost-effective and convenient option for buying your home insurance.