Home Insurance

The policy covers your liability for third party property damage or injury arising out of you owning or occupying the insured residence. The policy also covers your and your resident family members’ liability to the general public. This means that the policy would consider claims for losses emanating from within the insured premises and spreading to adjoining premises, such as the explosion of a gas cylinder in your house damaging a neighbour’s property and it would also cover you if your son accidentally breaks an expensive vase in a gift shop whilst accompanying you on a shopping trip.

The cost of identifying the leak and rectifying it are covered by the policy as long as the cause is not wear and tear. This will include the costs to repair any water seepage damage to third party properties and to your own. It will also include the replacement of any tiles that necessitated removal to access the leak. Most policies however have a pair and set clause that limits cover to the tiles or sanitary ware that were damaged even if these form part of a set and no matching alternatives can be found. In many instances underwriters will consider alternative options of settlement but do check with your broker in so far as to any limitations in your policy.

Sum Insured is the amount of money that your Insurer is obliged to cover in the event of a covered loss.

No. It is not practice for insurers to allow a No Claims Discount for home insurance. The rates charged for this insurance are generally very competitive without the need to apply a further discount.

The annual insurance premium is the amount of money you pay for the buildings insurance scheme and is based on the declared Sum Insured.