With values of UK residential real estate appreciating significantly and with our residences containing more technology and expensive assets than at any time in history, our homes are not only valuable but are loaded with valuable personal property. For every type of property and every type of property owner, resident, landlord, tenant and student, there is a solid type of insurance coverage.
It is an important responsibility to be an informed consumer and property owner. The wrong type of coverage or inadequate insurance coverage can lead to devastating consequences. Insurance shortages can wipe out all financial gains and cause unexpected expenditures to replace damaged, destroyed or stolen property that are heart-breaking and at times, punitive. It simply is not worth being underinsured in todays world.
It is therefore imperative that you asses not only your level of cover but what security measures you have in place to protect your property and your assets.
Buildings insurance coverage protects the property owner against a significant number of risk factors including fires, flooding and other unforeseen events. Like all types of insurance, this is one protection building owners hope they never have to use but if an when they do, the building owner will feel saved from what could be unbearable exposure. If you want peace of mind, this is a coverage you need. At the same time, this is one insurance policy that should be reviewed every year.</div
If the property in question has a mortgage, the lender will insist on insurance in the amount of their exposure as a prerequisite for the loan. In truth, this is not always enough. As UK properties continue to appreciate in a seller’s marketplace, values have climbed significantly in recent years. If you have not revisited your existing building insurance, it is time to give some thought to increasing your policy amount. Furthermore, if you own your home free and clear of encumbrances, it is foolhardy not to make sure are have sufficient buildings insurance.
Your buildings insurance will cover your brick and mortar real estate, your fitted kitchens and your structure but for your personal property protection, you will need contents insurance. This will protect your furnishings, decorations, tools and equipment and declared personal possessions.
In the past, it was assumed that the building required the most coverage but today’s homeowners possess so much technology that the gap has narrowed. If there is art or jewellery on your list of personal assets, you could own a good deal more than you think and much more than your current policy covers.
The best way to ensure you have sufficient coverage is to meet with an agent at the residence and hear estimates. In some cases, certain high value assets should be appraised and specifically listed with their appraised value on the policy. In any case, this is another insurance policy that should be checked and re-evaluated every year.
Buildings & Contents Insurance Combo
Experienced homeowners can save money by combining their buildings and contents coverage with one provider. Insurance companies see this as an opportunity to mitigate losses and usually offer discounts, especially if the premium is paid in advance.
The best strategy is to do comparison shopping every year for combined buildings and contents insurance. The diligent homeowner will have peace of mind that they are properly covered and that they are paying a competitive price for that coverage.
A common error that tenants make is assuming that the personal property and furnishings are covered under the landlord’s buildings insurance. This is not the case. Every tenants have an individual tenant’s insurance policy. Tenants do not need to worry about buildings coverage but can benefit from tenant’s insurance even of the landlord has underinsured the property. Again do a personal inventory and list your assets. Then provide the insurer this list and allow them to bid competitively. This is best practices for all tenants in the UK.
Before setting up camp at your university take a moment to list what you are taking with you. Take this list to an agent who offers students insurance and minimise the pain and suffering of losing your laptop, desktop, printers, mobile phone, iPad or other technology product as well as your personal property and furnishings. Make sure you are protected.
Why is this relevant to us here at Latham’s Steel Security Doorsets Ltd?
What is consistent in all of the above scenarios, is the biggest mistake homeowners or tenants make when they try to save money by underestimating the value of their contents and personal property. Whilst the premium may increase due to you increasing your amount of assets insured, it is worth taking into account that by making amendments to your home you may be able to save some pennies in other ways. At Latham’s Steel Security Doorsets Ltd. we offer a wide range of steel security doors
, with our most popular residential door starting from as little as £450 + VAT.
By implementing a security door into your home, it may help in getting you a recognisable discount off your premium and also help in other ways. Fitting a steel door into your home creates an effective barrier and deterrent to opportunist burglars. By decreasing the chances of an intruder, you are in effect reducing the risk of you having to make a claim through your insurance, thus protecting your years ’no claims bonus’ and also keeping your premium at a steady rate, with no unnecessary fluctuation, due to insurances having to pay out for a break in.