Buying property is an exciting time, whether it’s your first home, a holiday home, or you’re just ready for a move. However, when you purchase a property it’s important to make sure you take out the correct home insurance policy. Just like travel and motor insurance, you need to ensure it covers you for certain situations which you weren’t expecting.
Amongst all the other processes going on at the same time, it’s easy to get caught up with what needs to be done when buying a house. This is where Carbon Insurance Brokers comes in: we can help you find the right policy to suit you, which covers all the important areas, and we can find the best price. Below we go into some of the common questions we get about home insurance and what the differences are.
An intro to home insurance…
Home insurance is a type of insurance policy that provides financial protection to homeowners in the event of damage to their home or its contents. For example, this can be from events such as fire, vandalism or theft. Typically, it would be a large expense for homeowners to cover these costs on their own, which is where home insurance comes in, as it can cover you in these circumstances.
Generally, home insurance will depend on factors such as where your home is, how much your property is worth, and how secure your property is. There are some other factors to consider, but your insurance broker will go through these specific to you and your property.
In most policies you are covered for both your property as well as your belongings. However, it’s important to remember that the cover for belongings will have a cap for the value if you have standard home insurance, which is why people with high value items tend to opt for specialist home insurance.
If you are looking to be a new homeowner, you should note that most mortgage companies require that you take out a home insurance policy as it helps them to protect their investment in case of any damage to your property. Life can be stressful enough, and home insurance gives you one less thing to worry about.
Why would I have specialist home insurance or specialist non-standard home insurance, instead of regular home insurance?
This is a great question which we get asked a lot. The main reason why people opt for specialist home insurance or specialist non-standard home insurance rather than regular home insurance is because of the additional cover which it includes. They are designed to cover unique or specific situations which are not usually covered by your regular home insurance policies. For example, this includes situations where you have high value possessions, unusual property features, or if your property is classed as ‘high risk’ due to potential issues such as flooding.
If your current home has a standard home insurance policy, but you purchase a second home, it’s important to make sure that you take out the correct policy for your second home. This would most likely be a Specialist Non-standard Home Insurance policy as the house would be unoccupied for large amounts of time when you are at your main property.
In short, specialist home insurance bridges the gaps left by standard home insurance. Depending on what your property is being used for, its risks, and its materials, this will determine whether you need Specialist Home Insurance or Specialist Non-Standard Home Insurance. That’s why we have broken this down to decide which policy would best suit you and your situation.
1. Specialist Home Insurance
Here at Carbon Insurance Brokers our team will help you find Specialist Home Insurance which is tailormade to meet your specific needs. Comprehensive cover means that your assets and non-standard assets are protected. You’ll have peace of mind with all risks covered for both the building itself and your contents. This also includes legal protection up to £100,000, covers lost keys and damaged locks, contents cover worldwide, and so much more.
Specialist home insurance goes above and beyond standard home insurance. High value items such as jewellery, art, antiques or collectibles will often exceed the standard home insurance policy coverage limit which is why it’s important that you ensure their value is covered on your policy.
When looking for home insurance it’s important to thoroughly go through every section of the policy to ensure that you understand what it covers. This is so that your insurance adequately covers your needs and is tailored to the specific risks associated with your home and location. Whilst doing this, you may find that you need a specialist non-standard home insurance policy instead. However, we will be able to advise best on what policy would suit you.
2. Specialist Non-standard Home Insurance
Another policy we offer at Carbon Insurance Brokers is our Specialist Non-standard Home Insurance. This policy is for homes which are considered ‘Non-standard’, which includes properties which are uniquely constructed, built with non-regular materials, built in a non-standard way, or subject to increased risks such as flooding.
This policy also includes properties which are:
- Unoccupied houses
- Houses with flats
- Listed buildings
- Properties with thatched roofs
- Houses under renovation
- Holiday homes and/or second homes
- HMOs (Houses in Multiple Occupation)
I’m a first-time buyer: What home insurance do I need?
First of all, congratulations! Buying your first home is an exciting time, and although it can be stressful, this new chapter in your life is one to be celebrated. We know how overwhelming it can be when you are looking at home insurance and which policy to go with, but it all comes down to your property itself and your possessions. If you’re going to be the ones occupying the property and it’s a traditional standard home, you would probably only need a standard home insurance policy.
If you’ve got expensive assets such as jewellery, it’s worth checking the value limit on your insurance policy as it may not cover it. This is where a specialist home insurance policy would be best, as you would be covered for expenses such as those. We advise that homeowners make sure to periodically review and update their policies as this ensures that they have the correct coverage as their needs change over time.
Taking out a new policy
It’s important to make sure that you have the correct home insurance for your property. Whether that be your own property which you inhabit, or a holiday home you visit a couple of times a year. You may find that you need to change from Specialist Home Insurance to Specialist Non-standard Home Insurance, for example, if your property is unoccupied for prolonged periods of time.
Carbon Insurance Brokers will help you find the best policy for you and find you the best price. You’ll need to let us know the basic information about your home, including its location, size, construction type, and any safety features or improvements which it currently has. Then our team will get to work, and we’ll ensure that your new policy meets your needs and provides adequate coverage for your home and belongings.
Once we’ve found a few suitable cover options, we’ll run you through all the details to make sure the cover is correct for you and your home, and we can answer any other questions which you may have
When we have completed the process, you’ll then need to provide proof of your new insurance policy to any relevant parties, such as your mortgage lender if required. You’ll also want to keep copies of all communication, documents, and receipts related to your new policy. They’ll also be handy if you need to go back at any time and look over these documents.
Why choose Carbon Insurance Brokers?
We understand that your home is just as unique as you are, and that your insurance needs to be tailored specifically to you. With over 30 years’ experience, we can help you find exactly what you are looking for. As specialist home insurance brokers, we are on hand to ask any questions which you may have, and to make the process as smooth as possible.
Our team have experience with a wide range of customers, so we know exactly what homeowners and landlords need when it comes to their property. The next part comes down to you, once we know exactly what your property is like and your intentions with it, we can give you personalised advice on your situation.
If you need some help or have any questions, feel free to contact us here today to speak to one of our team experts who will be happy to help you. We understand the importance of speaking to a person in real-time, so we have a large team on hand to answer your calls. You can also find out more information on our website about Specialised Home Insurance, Specialised Non-standard Home Insurance, and more!