The two types of general insurance are buildings and contents.
Buildings insurance ensures that the fixtures of your property are insured against damage from the following:
Freezing/Bursting of Plumbing
Following any of these damages, a buildings insurance policy will provide financial cover for the cost of repair or reinstatement.
Property Fixtures include the following:
Other fixtures, not mentioned above, may also be covered.
Our advisers often use the following analogy to explain what is covered by buildings insurance: “Imagine removing the roof from your property, tipping it upside down and then shaking it. Anything that falls out would not be covered by buildings insurance”.
Whereas, contents insurance covers the cost of replacing your possessions that are stolen, destroyed or damaged.
These items are known as fittings.
Fittings include, but are not limited to, the following:
Clothes and Jewellery
Electrical Items: Consoles, Laptops and Televisions
Furniture: Chairs, Sofas, Beds, Wardrobes and Dining Tables
Entertainment: DVDs, CDs, Toys and Video Games
Soft Furnishings: Curtains, Bedding and Cushions
Antiques and Ornaments
Home insurance premiums have three significant determinants:
There are many different types of property construction.
Examples include: Brick & Tile, Thatched, Timber-Framed and Concrete.
The only construction type that all lenders are unanimously accepting of is brick & tile.
This is because the risk of damage from the elements listed above is minimal.
Whereas, for example, thatched houses are notoriously risky for providers to insure due to their high risk of damage from fire or lightning.
Due to the greater risk involved, expect higher monthly premiums for properties that are not of brick and tile construction.
Location of Property:
If a property is in an area that increases its chance of damage, increased risk will be reflected in higher monthly premiums.
For example, expect higher monthly premiums in areas of high flood or vandalism risk.
Reinstatement / Repair Costs:
The underlying factor that determines monthly premiums is the sum to be insured.
For more expensive fixtures and fittings, expect a positive correlation in monthly premiums.
For further information on general insurance, please click the ‘Contact Us’ button and submit an insurance enquiry form.
Our advisers would be happy to discuss your requirements in depth.
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