Home insurance can be a tricky thing. There are many different aspects to it, which people can find confusing or hard to understand, particularly when making a claim. Tangible Building Services are here to help you understand what you’re covered for in the event of damage to your property, and how to ensure a smooth claim and restoration process.
What Does Home Insurance Cover?
Home insurance is a policy you take out that protect your building and contents. The two are separate, and may not be covered by the same policy. Buildings cover protects the bricks and mortar of your home, and is useful for cases such as storm damage, or flooding.
Contents insurance covers your personal belongings and anything inside your home, and is useful for broken electronics or damp furniture due to a leak. For more information about the types of insurance cover available, please see our article about ensuring you are 100% covered in your home insurance.
What is an Insurance Excess, and Why Do I Need One?
An insurance excess is the amount that you pay towards your own claim. This amount is taken out of the amount you receive for a claim. For instance, if you make a claim for £1000 and you have an excess of £250, you will only receive £750. You have two types of excess available to you. Compulsory excess is set by your insurance provider and cannot be changed. You also have voluntary excess which you can set, which helps insurance providers lower your premiums.
What are Insurance Exclusions, and What Should I Look Out For?
There are a number of exclusions that your policy holders may have set for you. These are sets of circumstances in which your insurance policy holders will not pay out, or can restrict your cover. Examples of insurance exclusions include high value items such as jewellery, if you run your business from your home, if you sublet your home, and if one part of a set is damaged (insurance won’t pay for a whole new set).
What Happens if I Leave my Home Unoccupied?
Leaving your home unoccupied can be considered a risk by your insurers. This is because you are at a greater risk from thieves if there is no one at home. By leaving your house unoccupied, and not telling your insurer, you may find your claim denied in the event of a problem. It is always best to inform your insurer of any changes to your home, to ensure you are always fully covered.
Is a Burst Pipe Covered by my Insurance?
With a burst or cracked pipe, you are almost certainly going to suffer from water damage. This means water has infiltrated your home and damaged your building, your contents, or both. This means that you should be able to claim on your home insurance, as long as there are no exclusions. If you find that the quote you are given is not satisfactory, or you would like some advice regarding your home insurance claim, please feel free to contact Tangible Building on 0800 328 4188 for some free advice.
What is Trace and Access Cover?
Trace and access is the act of searching and repairing a water leak. Trace and access cover is an insurance policy that covers the cost of this job. If your home insurance does not include, or specifically excludes trace and access cover, you could be left to foot the bill. This bill includes any cost to repair any damage done to your home during the trace and access. This can include damage to your floorboards, your walls, your ceiling, and any other area of your home with pipes.
We are constantly updating our list of FAQ’s for our customers. If you have any questions that are not covered in this article, or an enquiry about a current claim for building damage that you need advice on, please feel free to contact us. You can reach Tangible Building Services on free phone 0800 328 4188, or send us an enquiry and we will call you back.