Your home is unmistakably your castle, whether you live in a one-bedroom flat or a five-bedroom detached house. Therefore, it is essential to make sure that you have adequate protection in case something goes wrong. Here are seven facts about home insurance that you should be aware of.
Legal requirement to have home insurance in Northern Ireland or the UK
Taking out home insurance in Northern Ireland or the UK is not a legal requirement. However, most homeowners need to borrow 75-95% of the property's value to buy it. Borrowers are required by mortgage lenders to have home insurance in place for the life of the loan. Even if you own your home, it makes sense to protect your most valuable asset. In 2019, the Northern Ireland House Price Index found the average house price to be £136,767.
Building insurance and content insurance
As per the European Business Review, Building insurance and contents insurance are the two types of home insurance to consider. Building insurance will cover everything that affects the structure of your home, including the walls, roof, doors, and windows. It will protect your real estate, but it will not cover your contents. Content insurance, on the other hand, allows you to protect your furniture. The building insurance also covers permanent facilities such as a fully equipped kitchen and a bathroom.
Tenants' contents insurance
Renters don't have to be concerned about building insurance, however, they should consider purchasing contents insurance for their rented home as they may have valuables. Some rented accommodation is also more susceptible to theft, it is maybe due to entrances that are shared, so having adequate insurance is essential.
Renters should consider expanding their insurance policy to cover accidental damage, such as if they damage the owner's carpets or curtain. However, keep in mind that some insurers will not cover your belongings if you live in a shared residence/flat or rent a furnished home.
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Risk of flooding
Flooding threatens many homes. They may have difficulty obtaining home insurance. Insurance claims relating to flooding can be difficult, even expensive, to assess, as a result, insurers are wary of flood-prone homes. Indeed, as a condition of your coverage, your insurer may require you to take certain defensive measures such as using flood panels. It is also a good idea to raise the boiler, as well as the electrical points and meters, above the expected water level. You can also choose concrete doors over wood doors.
Vandalism Insurance
Vandalism insurance is frequently used in the UK when vandals cause property damage. The insurance company will not pay if the vandalism was committed by a family member or someone you have authorized to enter your home. This includes cleaners, tenants, etc. Also, if the property is not occupied, this type of insurance is excluded.
Storm insurance
Storm insurance is not widely used in the UK, but property damage can be severe in some areas where storms are more common.
Storms in the United Kingdom are defined by the following factors, so your storm insurance would come into play
• Strong winds of more than 55 mph
• Extreme rain or snow damage to more than an inch in a single hour is normally considered extreme.
• Concerning the snow, if 12 inches or more falls in 24 hours, it is considered extreme.
Storm insurance typically excludes pools and spas, as well as gates and fences.
The damage may not be covered if there is evidence of poor maintenance and signs of wear and tear on the interior.
Subsidence Insurance
So what is subsidence insurance and do we need it? Subsidence, ground heaving, and landslides are all covered by this type of insurance. How to differentiate them?
• Subsidence occurs when land/ground moves beneath a structure.
• Ground heave occurs when land moves horizontally or vertically.
• Landslip occurs when a property is built on top of a hill and the ground beneath it shifts.
Check with your provider first because there are several exclusions to this type of insurance, including if a building was built with materials that have the potential to expand or shrink. In addition, the settlement will not be a standard inclusion. Another thing to keep in mind about this type of insurance is that it does not cover erosion caused by a river or the sea. Finally, double-check the wording of your policy to ensure that your specific situation is covered.