Home, Buildings, and Contents Insurance for your Spanish Property

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Sometimes, things can get a little soggy in your humble abode. MORE THAN freeman shares the tale of the Stone Family, reminding us to ensure our Home Insurance can help to keep us afloat. For more information and a Home Insurance quote visit www.morethan.com/home or follow us on Facebook on.fb.me

Home Buildings And Contents Insurance – The Most Important Cover of All

Article by Tom Jones

Let’s face it; the average home owner nowadays is in debt. They’re paying off a mortgage, they’re paying off a car and most are paying credit card bills as well after having gone out shopping for a new flat screen TV, or the latest surround sound system.

You don’t often come across families any more who are willing to keep the same old fridge for twenty years. Instead, most couples replace household appliances continuously and this usually means they’re constantly in debt.

With all that debt around your neck, do you really believe you could afford to purchase a second home in the event your current one got ravaged by fire? Perhaps you’re unfortunate enough to get hit by flooding, something which seems to be happening ever more frequently in the UK lately. Sure, flood waters may not sweep your home away, but they’ll certainly cause severe damage to your property and possibly to your belonging as well.

With this in mind, is it really worth taking a chance, considering buildings and contents insurance is for the most part very affordable. After all, nobody can predict when a disaster will strike and neither can you be sure it’ll never happen to you. In fact, there was severe flooding in many parts of the UK just recently and one can only wonder how many of those who were affected are unable to rebuild their lives simply because they had chosen to go without insurance.

Buildings and contents insurance actually refers to two different types of insurance, although in the vast majority of cases, the two are provided alongside each other. This is mostly because people, who realise the importance of builds insurance, also realise how important contents insurance is and providing you get both types of cover from the same provider, a huge discount is usually made available to you. So, what are the main differences between the two types of cover?

Buildings insurance covers the structure of your property. In other words, it covers the building itself, together with all fixtures such as fitted kitchens, fitted bathrooms, fitted cupboards and etc. It also covers any outbuildings on the property, as well as your perimeter wall or fence. Ideally, when you take out buildings insurance, you need to make sure the amount you’re covered for is enough to rebuild your home if the need ever arises.

Generally speaking, the insurance company will advise you as to how much cover you require, bearing in mind that the cost of re-building is always less than the market value, simply because even if your home is destroyed, you’ll still have the land it stood on.

When purchasing contents insurance, you need to focus on what’s referred to as being the ‘sum insured’. Basically, this is the maximum amount of money your insurance company will pay in the event of a claim. Don’t be tempted to set this figure too high in the hope of getting more out of your insurance company. The insurance company will not pay out the full sum, but instead, they’ll pay you what they believe your possessions were worth, even though you would have been paying higher premiums. On the other hand, if you set the figure too low, the amount of money you receive won’t be sufficient enough to replace all your belongings. The key is to be as honest as possible and as accurate as possible.

Perhaps the most important thing of all when choosing home buildings and contents insurance, is that you need to shop around for different quotes and of course you really do need to make sure you understand exactly what is and what isn’t covered in a policy before you accept it. Remember, if you don’t fully understand your policy, you could end up providing your insurance company with an opportunity to avoid paying you out if you ever submit a claim.

About the Author

If you’re looking for a quote on buildings and contents insurance visit Swinton.

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Article by David Thomson

Buildings insurance covers the costs of repairing or rebuilding your home in the event of damage to the structure, fittings or outbuildings.What’s covered?The structure is the walls, roof, chimney or plumbing.Fittings are kitchen units, sinks and baths plus outside walls or fences.Outbuildings are structures that are not part of the structure of your home, like garages, sheds and greenhouses.If you have a mortgage, your lender generally insists you take out insurance as a condition of the loan. Even if you don’t have a mortgage, consider taking out a policy to protect your home – and your pocket – in the event of a possible disaster.What’s included?Different insurers offer varying levels of cover including damage from:• Fire• Storms and floods • Theft, riots or vandalism• Earthquakes or subsidence• Vehicle collisions• Falling trees, branches or aircraft partsOthers may include cover for frost damage to pipes connecting your house to mains supplies. Where your home is situated may also increase your premium. For example, if the property is in a high-risk area for flooding or subsidence. Subsidence is often only covered if risk is previously reported to the insurer, although the postcode of the property is often considered enough to inform the company of any subsidence risk.What’s not included?Exclusions also vary between insurers, but almost all exclude damage from:• War and terrorism• Radioactive contamination• Sonic booms• PollutionReading the small printTell your insurer everything you know about your property to ensure you have adequate home insurance cover. If you don’t, you may unintentionally void the policy and your insurer may not pay out if you make a claim. Preventable damage, like taking on DIY jobs yourself instead of calling in a professional builder can void your policy if your work goes wrong. Another common preventable damage risk is root damage to foundations from planting or felling a tree near to your home.You should check if your property is in a high-risk area that your insurer may not cover before taking out a policy.Extra cover is often available while the builders are in or for ongoing exceptional risks.Sum InsuredThe sum insured under a buildings policy is the full rebuilding cost of your home. This cost is not related to the sale price or Council Tax but calculated by a surveyor.Index LinkingKeep the sum insured up to date by making sure your policy is index-linked. This means the sum insured is adjusted each in line with any changes in rebuilding costs, like inflation.ExcessYou can reduce your premium by agreeing an excess – a voluntary sum you pay against the cost of a claim before the insurer pays out. For example, if you have an excess of £150 and claim £1,000, the insurer will deduct the excess and only pay you £850.No Claims BonusSome policies have a “no claims” discount that reduces your premium if you have not claimed on your insurance. Letting propertyIf you are a landlord, make sure your buildings insurance covers renting your property to tenants.

About the Author

David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.

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Landlords buildings insurance cover: what’s the difference?

Article by Eliot Blundell

Whatever type of property you may own, you are likely to be aware of the importance of insuring it. If you have bought a particular dwelling to let, however, you may want to remind yourself of the importance of arranging specific landlords buildings insurance cover.

What’s the difference?

When assessing the risk of loss or damage they are prepared to underwrite, insurers typically make a careful distinction between properties that are to be occupied by their owners and those that are to be occupied by tenants.

Typically, the latter are considered to pose a greater risk than the former.

Although you may be familiar with the importance of arranging home buildings and contents insurance for your own, owner-occupied home, therefore, you may need to consider the need to seek a let property insurance quote specifically to ensure the adequate protection of property that you own as a landord.

The cover

Landlords buildings insurance cover is typically designed to protect the very fabric and structure of your property against such risks as fire, flooding, smoke damage, impacts from vehicles or falling debris, and vandalism. To this extent, the risks covered may be very similar to standard home buildings insurance.

Just as with many standard home buildings insurance policies, you may also wish to check whether your landlords buildings insurance cover also extends protection against the risk of subsidence (since not all policies do as a matter of course).

Specifically for landlords

With respect to the particular risks associated with let property, you might wish to consider whether your chosen policy affords protection against malicious damage by your tenants. Some policies include such protection as a standard feature, others do not, and still others include it as a feature of selected policies only.

Similar considerations might also apply to the risk of accidental damage to your building – some policies might automatically include it as a standard feature, others might not, but still others may offer you the choice of such on selected policies.

The worst case scenario

Typically, buildings insurance is designed to protect the property owner against the worst case scenario – a catastrophic event that leads to such a total loss of the building that it needs to be entirely rebuilt. The same is true for such cover for let property.

When seeking landlords buildings insurance cover, therefore, you may wish to keep in mind a total insured value that represents not the current market value of your property, but the estimated cost of a complete rebuild in the event of its total loss.

About the Author

Eliot Blundell is Director at specialist CIA landlords provider, CIA who provide a wide range of let property insurance solutions including cover for all tenant types, unoccupied property insurance and landlords rent guarantee insurance

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