Our Customers Love Us!

Home Insurance

Get a Quote

Get Quote

HomeProperty InsuranceHome InsuranceHome Insurance is there a Cheaper Alternative

Home Insurance is there a Cheaper Alternative

When it comes to home insurance, it is sometimes difficult to persuade a customer that they need to insure both their buildings and contents for their maximum replacement cost. Why so is often the question. I'm never going to claim that amount of money, the house isn't going to burn down and if I'm burgled, thieves are never going to steal all of my contents. Fair question? What people are referring to here is the perhaps the possibility of taking out something akin to a partial policy that would only pay some of the loss. Such a contract is referred to as a first loss policy There have been instances of these in the past for home insurance policies but for the bulk of UK homeowners, they are not available.

The first loss policy is basically an agreement between the policyholder and the insurer that only claims up to a certain level will be met. Say £20,000 or £40,000. First loss policies can be considered where the insured party believes that the degree of probability of a total loss taking place is very unlikely or basically impossible. The average clause does not apply and in the event of a loss, the insurer will pay up to the amount chosen, above that and the policyholder has to fund the loss out of his or her own pocket.

The market for these covers is small. Basically must people are unaware of their existence. In any event, for buildings insurance, if you have a mortgage on the property, the lender would not allow you to enter in to such a deal, mortgage documents normally state that you should effect buildings insurance for the course of the loan for a sum insured of not less than the full rebuilding cost. Having funded the cost of the property, lenders do realise that on their mortgage book there is a chance they are going to suffer some total losses and there is no way they are going to allow people to borrow money on a property which is not fully protected by insurance.

With regard to contents insurance, these polices in the main are written on a "new for old" basis and to receive the full benefit of cover,you are told at the quote stage that you need to insure your belongings for their full replacement value, failure to do so could result in you receiving a deduction from any claims settlement. Can you obtain a first loss policy for contents insurance? It's extremely unlikely if you are a normal policyholder.

A form of self insurance often employed to obtain a cheaper home insurance quote, is the "excess". These are both compulsory (you don't have a choice) and a voluntary excess where you can choose an additional amount you are willing to pay. You are thus considered to be self insuring for the first portion of the loss. If you have a total excess of £200.00 and you enter a claim of £1000. The net result is you will receive £800.00.

Another form of deduction similar to a policy excess but little used, is known as a franchise. A franchise of say £250.00 is like an excess in that the policyholder pays all losses under the franchise amount. But if the claim exceeds the franchise amount then the insurance company pays the entire claim without deduction. Franchises arrangements are not common on property insurance policies.

Latest News & Advice

Woodworm Dry Rot

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....

Types Door Window Locks

Types Door Window Locks

Types of Door and Window Locks – when purchasing a home insurance policy, you may find that your insurance company want you to have certain security measures in force at your property. These should be studied most carefully as without the correct protection being in force, you may find your cover compromised in the event of a claim. For most people, this involves having good quality door and window locks. Good physical security at your property, will be of a far greater benefit in deterring Theft than having an alarm fitted, but not being a lock expert, have do you discover if you have the correct locks fitted at your home?...

Subsidence Structural Problems

Subsidence Structural Problems

Preventing or Dealing with Subsidence and Structural Problems.Whilst subsidence is usually covered by a building insurance policy, it is definitely something that you do not want to happen at your property if at all possible. Claims for subsidence can be on the large side ( hence the reason for the standard policy excess being £1000) and even if the building is repaired by the insurance company, you may find that’s in the future, insurance is harder to source ( and possibly more expensive) and the market value of the property and it’s marketability may also diminish...

Why choose our specialist insurance cover?

Artboard 2 copy 18

Home Insurance from Assetsure icon-thin-chevron-down

Our Home Insurance can provide cover for your Buildings, Contents and Personal Effects. Monthly payments available

Artboard 2 copy 20

Legal Assistance as Standard icon-thin-chevron-down

All our policies include Legal assistance as standard up to £50,000 This offer Legal protection for problems relating to employment, contracts, property and personal injury etc.

Artboard 2 copy 21

Home Emergency as Standard icon-thin-chevron-down

All our policies cover Home Emergency as standard up to £500. this offers protection against unexpected events such as the failure of your main heating system, blockage of drains or failure of your domestic gas or electricity supply

Artboard 2 copy 22

£1,000,000 Cover for Buildings icon-thin-chevron-down

We automatically provide you with £1,000,000 cover for rebuilding cost of your property, ideal if you are unsure of your re-building cost.

Artboard 2 copy 17

Excellent service offered icon-thin-chevron-down

We like to offer all our customers a first class service, which is backed up by our Trust pilot ratings. We are open 7 days a week to assist you with your enquiries.

icon-instant_cover

Instant cover and policies icon-thin-chevron-down

Most of our policies you can now buy online and receive instant documentation. Of course, you are more than welcome to call us and we can provide your cover over the phone