Insurance Options and Policies
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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.Whats 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 dont 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 dont, 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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Article by Nathaniel
This article is going to take you through the world of Public Liability Insurance including what sort of things are covered in a policy, why you would need to get this type of policy and the sort of trades/occupations that you would need cover for.
First of all let me make this point clear, if you are a single person working alone (for example a single builder or bricklayer) then this is not an insurance policy that is required by law but it is one that you should seriously consider getting before starting work so that you yourself are covered for the work that you will undertake, however if you are a single person at the top of a company that has employees then this is required by law along with Employers Liability Insurance which you can only get together with Public Liability Insurance.
Public Liability Insurance is designed to cover a tradesmen throughout the course of their days work including covering them against any instance of third party property damage or even third party injury, in both of these cases the third party mentioned would be the person you are working for or the property that you have been asked to work upon. These are the main covers that you receive on this type of policy which is why £1,000,000 worth of cover can start from as little as £44.63 for a year of insurance cover.
The third party property damage is the first thing that I would like to talk about including a couple of examples of when this can happen and the things that would be covered. If a carpet fitter was going into a clients house and was to knock over a vase or an expensive antique whilst carrying the carpet through then they would obviously have to pay to replace it hence the insurance and another thing is if a roofer was working on a house and dropped a tile off the roof an it damaged the third parties property in any way then this insurance is there to protect.
Third party injury is the other main thing that you would get Public Liability Insurance to guard against and a good example of this is if a workmen, while in the course of his work, left a tool lying around and the client was to trip over this and injure themselves then the insurance would be there to help. Public Liability Insurance can be obtained for many trades such as builders, Bricklayers, Carpenters, Painters and Decorators, Alarm Installers and Plumbers and many, many more.
I hope that this article has helped you and that those of you who are tradesmen realise exactly why something like this can be very beneficial to have and for a tradesmen working alone then it should definitely be something that you give serious consideration too so that in the case of any of the above happening you are not left to pay out of your own pocket when you could get covered for such a low premium.
About the Author
For more information you can visit http://www.publicliabilityinsurance.org.uk/
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Martin Ward explains why you might need public liability insurance for your business from business.axainsurance.com Find out more about public liability insurance http Please don’t forget to rate, comment and if you liked the video then please subscribe!