--- title: Home Insurance Principles date: 2018-08-09T11:46:00+01:00 author: Bob Andrews canonical_url: "https://www.assetsure.com/homes/home-insurance-principles/" section: News --- Our Customers Love Us! Property Insurance [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) ### Get a Quote. Choose from our range of insurances below [Home](/) › [Property Insurance](https://www.assetsure.com/homes/) › [Home Insurance Principles](https://www.assetsure.com/homes/home-insurance-principles/) # Home Insurance Principles ## What to expect from a home quote **Home Insurance Principles** – most of us affect home building insurance without a second thought, but what are the mechanics of this process, indeed not just of building insurance but of insurance contracts in general. An agreement between two separate parties that is intended to be legally binding is known as a contract. For a contract to be effected, one party has to make an offer which another party has to accept with equal terms. In the case of insurance, an individual or company approaches an insurer with a wish to affect insurance say against their building burning down. The insurance company will ask for in formation relating to the risk and then will offer the person a quotation. If the quotation is accepted, then a contract will exist. The quotation should include amongst other things the following information:- - The premium that is payable - The amount of taxation - Any additional fees payable - How long the quotation is valid for - The name of the insurance company - A Key facts document outlining all the salient information pertaining to the insurance. The prospective policyholder uses this information to make an informed decision as to the suitability of an insurance contract. If buying a product form a broker that offers “Advice”, the quotation should also come with a recommendation. Once the person has accepted the cover, the insurance company will consider themselves on risk. In practice is always advisable for policyholders to obtain writing confirmation of cover before they consider themselves to be insured Mistakes are made with verbal agreements and we advise that you should not consider yourself on cover until such time as you have received confirmation in writing. **Utmost Good Faith** – to arrive at this point where a contract of insurance exists, the insurers rely on the principle of utmost good faith. All insurance contracts should be entered in to free from fraud and fraudulent intent. The purchaser should therefore tell the insurance company all of the relevant underwriting information and not withhold any information which is likely to alter the insurer’s assessment of the risk proposal. The term to describe important information is known as material facts. Mostly, questions on the proposal form will be sufficient to give the insurance company a true picture of the risk presented (providing of course that the policyholder has told the truth.) However, not even the widest form of proposal form can ask every question and it is the policyholder’s duty to disclose any additional information that the insurance company might deem to be relevant. This may all seem a little grey but in effect in all works quite well, policyholders that are in any doubt as to what constitutes a material fact should always consult with their insurance company or broker. Failure to disclose a material fact could result in a claim being declined In return, the insurance company must present the policyholder with a policy document and let him know all of the relevant terms and conditions and warranties. **Insurable Interest** – the above term relates to your legal right to obtain insurance. Usually this right exits because of your ownership of an object. In the case of a building or your home contents, you own the items so you have a right to insure them. Sometimes the right exists on goods that you have borrowed or have rented although in this instances, often a contract is often offered stating where the responsibility for insurance rests ( The case of rented Electrical equipment is a good example. **Home Insurance Principles- A guide from Asseture** ## Latest News & Advice [![Britain needs more Flats](/assets/uploads/images/_800x405_crop_center-center_none/assetsure-banner-plain.jpg)](https://www.assetsure.com/homes/blocks-flats-insurance/britain-needs-more-flats/) ### [Britain needs more Flats](https://www.assetsure.com/homes/blocks-flats-insurance/britain-needs-more-flats/) We can trace the need to convert houses (including other buildings, not originally designed to be used as domestic dwelling homes) in to flats, back at least 150 years and possibly even further back to the time of the industrial revolution, which occurred in Great Britain during the late eighteenth and early nineteenth century.... [![Dealing with Woodworm and Dry Rot](/assets/uploads/images/_800x405_crop_center-center_none/assetsure-banner-plain.jpg)](https://www.assetsure.com/homes/home-insurance/woodworm-dry-rot/) ### [Dealing with Woodworm and Dry Rot](https://www.assetsure.com/homes/home-insurance/woodworm-dry-rot/) Woodworm, Dry Rot and Wet Rot. One of the most costly maintenance problems for homeowners is woodworm, dry rot and wet rot. If left untreated it can huge amounts of damage to the interior of your home. There are treatments and remedies to prevent it’s spread and to eliminate the problem it becomes critical. Woodworm is most commonly caused by the furniture beetle which leave larvae boreholes inside the major woodwork elements of a property. These area include the roof timbers, joists, staircase and floorboards. Woodworm can also infest ordinary household furniture causing a home insurance claim problem.... [![When Kids Leave](/assets/uploads/images/_800x405_crop_center-center_none/assetsure-banner-plain.jpg)](https://www.assetsure.com/homes/when-kids-leave/) ### [When Kids Leave](https://www.assetsure.com/homes/when-kids-leave/) When Kids Leave Home and Go to University. When children leave home, either on a permanent or semi permanent basis, some attention needs to applied to your home insurance policy. One of the first reasons, children leave home is to attend college or university, in the first year, many opt to live in the halls of residence or some will move in to a rental property with perhaps some friends. Which ever, they choose; you will need to make sure that you have adequate insurance for them.... [More News](https://assetsure.com/news) [Trustpilot](https://uk.trustpilot.com/review/assetsure.com) [ View All ](https://uk.trustpilot.com/review/assetsure.com)[ Get Quote ](#quickQuote) [Most Popular](#tabs__tabmost-popular)[Jewellery](#tabs__tabjewellery)[Leisure](#tabs__tableisure)[Collectables](#tabs__tabcollectables)[Events](#tabs__tabevents)[Hearing Aids](#tabs__tabhearing-aids)[Property](#tabs__tabhomes) [#### Engagement Ring Insurance ![Engagement Ring Insurance](/assets/uploads/images/_tabLinkThumbnail/engagement-ring-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/engagement-ring-insurance/) [#### Watch Insurance ![Watch Insurance](/assets/uploads/images/_tabLinkThumbnail/watch-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/watch-insurance/) [#### Camera Insurance ![Camera Insurance](/assets/uploads/images/_tabLinkThumbnail/camera-feature.webp)Get an instant quote](https://www.assetsure.com/leisure/camera-insurance/) [#### Home Insurance ![Home Insurance](/assets/uploads/images/_tabLinkThumbnail/home-insurance-feature.webp)Get an instant quote](https://www.assetsure.com/homes/home-insurance/) [#### Collectable Insurance ![Collectable Insurance](/assets/uploads/images/_tabLinkThumbnail/collectables-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/other/) [#### Bicycle Insurance ![Bicycle Insurance](/assets/uploads/images/_tabLinkThumbnail/bike-feature.webp)Get an instant quote](https://www.assetsure.com/bicycles/bicycle-insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [#### Engagement Ring Insurance ![Engagement Ring Insurance](/assets/uploads/images/_tabLinkThumbnail/engagement-ring-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/engagement-ring-insurance/) [#### Insurance for Jewellery Collections ![Insurance for Jewellery Collections](/assets/uploads/images/_tabLinkThumbnail/jewellery-collection-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/insurance-for-jewellery-collections/) [#### Watch Insurance ![Watch Insurance](/assets/uploads/images/_tabLinkThumbnail/watch-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/watch-insurance/) [#### Wedding Ring Insurance ![Wedding Ring Insurance](/assets/uploads/images/_tabLinkThumbnail/wedding-ring-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/wedding-ring-insurance/) [#### Diamond Ring Insurance ![Diamond Ring Insurance](/assets/uploads/images/_tabLinkThumbnail/diamond-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/diamond-ring-insurance/) [#### Earrings Insurance ![Earrings Insurance](/assets/uploads/images/_tabLinkThumbnail/Earing-emerald-shutterstock_1156023577-mid.jpg)Get an instant quote](https://www.assetsure.com/jewellery/earrings-insurance/) [#### Standalone Jewellery Insurance ![Standalone Jewellery Insurance](/assets/uploads/images/_tabLinkThumbnail/Standalone-Jewellery_-Shutterstock_2493208421.jpg)Get an instant quote](https://www.assetsure.com/jewellery/jewellery-insurance/) [#### Ring Insurance ![Ring Insurance](/assets/uploads/images/_tabLinkThumbnail/ring-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/ring-insurance/) [#### Rolex Watch Insurance ![Rolex Watch Insurance](/assets/uploads/images/_tabLinkThumbnail/rolex-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/rolex-insurance/) [#### Single Item Insurance ![Single Item Insurance](/assets/uploads/images/_tabLinkThumbnail/single-item-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/single-item-insurance/) [#### Safe Deposit Box Insurance ![Safe Deposit Box Insurance](/assets/uploads/images/_tabLinkThumbnail/safe-box-feature.webp)Get an instant quote](https://www.assetsure.com/jewellery/safe-deposit-box-insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [#### Camera Insurance ![Camera Insurance](/assets/uploads/images/_tabLinkThumbnail/camera-feature.webp)Get an instant quote](https://www.assetsure.com/leisure/camera-insurance/) [#### Musical Instrument Insurance ![Musical Instrument Insurance](/assets/uploads/images/_tabLinkThumbnail/Guitar-thumb.webp)Get an instant quote](https://www.assetsure.com/leisure/musical-instrument-insurance/) [#### Bicycle Insurance ![Bicycle Insurance](/assets/uploads/images/_tabLinkThumbnail/bike-feature.webp)Get an instant quote](https://www.assetsure.com/bicycles/bicycle-insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [#### Antique Insurance ![Antique Insurance](/assets/uploads/images/_tabLinkThumbnail/Antiques-thumb.webp)Get an instant quote](https://www.assetsure.com/collectables/antique-insurance/) [#### Coin Insurance ![Coin Insurance](/assets/uploads/images/_tabLinkThumbnail/coins-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/coin-collections/) [#### Fine Art Insurance ![Fine Art Insurance](/assets/uploads/images/_tabLinkThumbnail/fine-art-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/fine-art-insurance/) [#### Handbag Insurance ![Handbag Insurance](/assets/uploads/images/_tabLinkThumbnail/handbag-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/handbag-insurance/) [#### Militaria & Military Collectables Insurance ![Militaria & Military Collectables Insurance](/assets/uploads/images/_tabLinkThumbnail/military-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/militaria-insurance/) [#### Stamp Insurance ![Stamp Insurance](/assets/uploads/images/_tabLinkThumbnail/stamps-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/stamp-collections/) [#### Wine Insurance ![Wine Insurance](/assets/uploads/images/_tabLinkThumbnail/wine-feature.webp)Get an instant quote](https://www.assetsure.com/collectables/wine-insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [#### Hearing Aid Insurance ![Hearing Aid Insurance](/assets/uploads/images/_tabLinkThumbnail/hearing-aid-feature.webp)Get an instant quote](https://www.assetsure.com/hearing-aids/hearing-aid-insurance/) [ All Insurances](https://www.assetsure.com/insurance/) [#### Home Insurance ![Home Insurance](/assets/uploads/images/_tabLinkThumbnail/home-insurance-feature.webp)Get an instant quote](https://www.assetsure.com/homes/home-insurance/) [#### High Net Worth Home Insurance ![High Net Worth Home Insurance](/assets/uploads/images/_tabLinkThumbnail/High-net-worth-thumb.jpg)Get an instant quote](https://www.assetsure.com/homes/high-net-worth-home-insurance/) [#### Listed Buildings Insurance ![Listed Buildings Insurance](/assets/uploads/images/_tabLinkThumbnail/Listed-building-thumb.jpg)Get an instant quote](https://www.assetsure.com/homes/listed-buildings-insurance/) [#### Holiday Home Insurance ![Holiday Home Insurance](/assets/uploads/images/_tabLinkThumbnail/Holiday-home-thumb.jpg)Get an instant quote](https://www.assetsure.com/homes/holiday-home-cover/) [#### Buy To Let Insurance ![Buy To Let Insurance](/assets/uploads/images/_tabLinkThumbnail/Buy-to-let-thumb.jpg)Get an instant quote](https://www.assetsure.com/homes/buy-to-let-insurance/) [ All Insurances](https://www.assetsure.com/insurance/)