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What your home insurance may not cover?

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As a homeowner, your property is likely to be your most valuable asset; therefore it makes sense to have adequate protection in case disaster should strike. In order to fully protect your home you need to take out two types of insurance; buildings insurance and contents insurance. Both polices can be bought together or separately.

Buildings insurance is designed to cover damage to the structure of your home as well as damage to permanent fixtures and fittings. The buildings insurance policy must be sufficient to cover the rebuild cost of your home. If you buy a property which requires a mortgage, your mortgage lender will ask you to take out a buildings insurance policy to make sure their investment (your mortgage) is protected. When you take out a mortgage your mortgage lender will try and sell you their buildings insurance policy. Before you sign up, check the market for other policies and prices as mortgage lenders usually make big profits on selling insurance policies.

Contents insurance provides protection against the loss of or damage to your possessions as a result of fire, theft and flooding. Most households in the UK are underinsured when it comes to contents insurance, and unfortunately most people do not find this out until it is too late. The average value of the contents contained in people's houses across the UK exceeds £40,000!

Most standard house insurance policies will provide cover against any unforeseen events such as fire and theft. However, as with all insurance polices, house insurance does not provide cover against everything that can happen so it is important to read policy documents carefully to see what the exclusions are.

As with all insurance policies it is important to review your house insurance every few years. This will ensure you can take into account any changes in the value of your contents and that your insurer is providing the most competitive Premium. Failure to reassess your insurance could result in you being underinsured and your insurer refusing to pay out in the event of a claim.

Most insurers will not provide cover for any of the following:

1. Any damage as a result of general wear and tear of property or contents.
2. If you fail to inform your insurer of any changes that may effect your policy such as
- The people insured.
- The level of insurance you require.
- If you are going to leave your property empty for a long period (the number of days a property can be left empty varies across different insurers).
- If you need to add any high value items (jewellery, antiques, paintings).
3. If you fail to keep reasonable care of your policy.
4. If you do not have sufficient high quality security devices in place such as alarms, window door locks.
5. If your home is in an area which suffers from severe flooding or subsistence.
6. Any damage or loss occurring before cover commences.
7. Any expense, loss or damage to property as a result of
- Radioactive contamination.
- War, invasion, civil war, rebellion, military power.
- Terrorism.
- Pressure waves from aircraft.
- Pollution or contamination.
8. Any deliberate acts caused by you, your family or any other person lawfully in your home.

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All of the insurance products and services mentioned on this page are introduced by Insurancewide.com Services Ltd, which is authorised and regulated by the Financial Services Authority. Insurancewide?s service is subject to its terms and conditions


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