This whistle-stop tour of home excess insurance describes how you might make the most of your home insurance, feel more confident in secure in making the claims to which you are entitled, and gaining the discounts on home insurance premiums which you might earn by accepting higher levels of excess.
As a diligent home owner you are likely to have arranged home insurance to protect the building and its contents against loss or damage. As a prudent tenant, you might also have arranged contents insurance for all the belongings and possessions you have in your rented accommodation
If you have spent a good deal of time, money and effort buying and furnishing your home, of course you are likely to want to protect it from loss or damage. If you are a tenant, all your possessions and belongings in the rented accommodation may also need a similar degree of protection.
Sometimes a financial services product cuts right through the jargon and says very simply what it is all about. Just such an example is excess insurance – which does just what it says on the can and insures you against your liability for paying an excess when making an insurance claim.
As the government backed Money Advice Service (https://www.moneyadviceservice.org.uk/en/articles/car-insurance-how-to-get-the-best-deal ) points out, the cost of insurance has risen fairly steadily in recent years and there is little sign of that trend slowing or reversing any time soon.
There are parts of the United Kingdom known to be at risk from flooding by local rivers or the sea. These areas are identified by the Environment Agency (PAGE NOT FOUND) in a scaleable online map.
Home insurance – for both the building and its contents – offers an effective and valuable way of protecting what is likely to be one of the biggest investments you are likely to make.
If you are an owner-occupier, while there is no legal compulsion to protect the contents of your home with home insurance, any mortgage lender may make it a condition of the advance that your property has protection at least for the structure and fabric of the property. ie. The buildings.
The recent calamitous flooding in parts of the United Kingdom has brought to the forefront of everybody’s attention how vulnerable the country is during times of wet weather.
Here is a quick summarised overview of just how excess cover policies might help you to save money.