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How Can Your Postcode Affect Your UK Home Insurance Policy?

 

Introduction - home insurance is the most standard and easily available form of property insurance contract and although not compulsory by statue, anyone with a mortgage will almost certainly be required to insure the fabric of their home under a buildings insurance policy. To this, you can at your option, opt to include cover for contents which in turn can be extended to include All Risks ( this section of a home insurance policy is designed to cover valuable items away from the home. But how are insurance rates for home insurance calculated? When applying for you home insurance uk policy, there are a number of rating or underwriting factors that an insurer will take in to consideration before providing you with a quotation. There are quite a few variables and this makes almost every quotation different. One of the most important rating factors for home insurance is your postcode....

Postcodes in the United kingdom are alphanumeric and were introduced by the Royal Mail to help identify United Kingdom homes over a 15 year period between 1959 to 1974, however major cities had been using postcodes as a means of identifying locations from as long ago as 1857.  The first system of ten London postal areas identified by the letters (W, WC, EC etc) was devised by Sir Rowland Hill and introduced in 1857. The numbered subdivisions (W1, W2,WC1,EC1 etc) were introduced as a war-time measure and date from 1917. These 1917 subdivisions became the basis of the system introduced by the Royal Mail, because they form the first part of the two-part modern postcode (so W1 1AA is an address in the old London W1 district. Modern postcodes that are used to pin down exact addresses are made up of various sections, the following example postcode SW1A 1AA, is for Buckingham Palace in London. In this example, the first pair of letter represents the area, the following digit represents the district within that area and the remaining letters and numbers pin the location down to a sector in that area. The part of the code before the space is the outward code or out code used to direct mail from one sorting office to the destination sorting office, while the part after the space is the inward code or in code used to sort the mail into individual delivery rounds, each separate code usually identifying the address to within 80 properties (with an average of 14 properties per postal code), although a large business building may have a unique postcode.

It is a pure hierarchical system, working from left to right with each postcode generally representing a street, part of a street, or a single premises. So this system that was originally introduced as a means of helping postmen locate homes, now plays a major parting in the rating of home Insurance. All insurance companies keep a database of statistical information relating to postcodes, from it they can discover various information that will all affect insurance pricing.

1) Insurers can tell the type of soil that you property stands, on this helps them decide if you home is likely to be troubled by subsidence, for example if the postcode indicates that your home is built on clay soils, the insurance company may want an increased premium. They will also be able to tell if you home is situated above mine workings or tunnelling.

2) Insurers can tell if you property is situated on a flood plain or close to any rivers or water courses. Insurers also make use of sophisticated mapping software and can often overlay maps to see the extent of any flood water and its proximity to your home. With the rent spate of bad weather claims, insurers are currently updated the postcode flood map and this data will help them decide of future home insurance premiums and may even decide if insurance is available or not.

3) Insurers will have access to previous claims information for your postcode, this is now so fine tuned that sometimes insurance rates can vary from street to street. Insurers will be able to tell if they have experienced previous claims in your neighbourhood, in particular they will be looking out for Theft and malicious damage occurrences.


 

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