Insurance is like seat belts in your car. We all hope we never need it, but it must be in full working order, just in case. Here are a few things to bear in mind about your building insurance.
Top 5 Building Insurance Claims
Most people who own a property, whether itโs their home or a business premises, have building insurance for it. In fact, itโs normally compulsory if you have a mortgage on the building โ otherwise, itโs just overwhelmingly sensible.
A normal building insurance policy covers a wide range of mishaps. Accidental damage is the most common insurance claim, but others are frequently found. Here are the top five:
- Accidental Damage โ this could be anything from the kids kicking a football through the window to cracking the wash-basin by dropping something into it.
- Weather Damage โ extreme weather can damage your property either directly, such as a storm blowing off tiles, or indirectly, such as a tree being blown onto your roof.
- Water Escaping โ the most common reason for this is pipes being allowed to freeze and burst.
- Burglary โ a break-in doesnโt only affect the stolen possessions, you may also need to claim to repair a smashed window or replace a door.
- Malicious Damage โ this may occur during a burglary, but you could also find yourself the victim of vandalism.
Prevention Is Better than Cure
Most building insurance policies allow you to claim for all these and more, from fire damage to the effects of freezing weather. However, the insurance companyโs Loss Adjuster will be on the look-out for any negligence on your part that may invalidate your claim. The best solution is to give no reason for this, and here are few of the most common examples:
- Improving the standard of your locks and installing a burglar alarm can significantly reduce the risk of being burgled, but if it does happen the Loss Adjuster would find it difficult to turn down your claim.
- If you have a chimney, itโs vital to keep it swept. This will reduce the risk of fire, as well as satisfying your insurer.
- Leaving your gutters blocked with dirt or leaves can cause water damage and could leave you at risk of your claim being rejected.
- Freezing weather can cause a range of problems, from structural damage to burst water pipes. These may be covered by your building insurance, but itโs far better to prepare before the weather turns cold.
You can claim for many things on your building insurance, but itโs even better to reduce your chances of needing to claim. And, in any case, your precautions mean the Loss Adjuster will have no ammunition for rejecting your claim.
Seven Things That Could Invalidate Your Building Insurance Claim
- Leaving Your Home Empty โ If you leave your home unoccupied for more than thirty consecutive days, the insurer could refuse to pay on any insurance claim you might make, whether thatโs fire, flood or burglary. Make sure you arrange cover for your home to be empty, whether as a one-off or ongoing.
- DIY Disasters โ DIY can save you money, but it can be very expensive too. If your insurance policy doesnโt include accidental damage, you could end up having to foot the bill for drilling through the water pipes. Make sure youโre covered before starting.
- Wilful Damage โ Whether itโs you or a visitor to your home thatโs responsible, most insurance policies donโt cover wilful damage. That includes unruly guests at a party, for example. So make sure you trust the people you invite into your home.
- Neglect โ There are always maintenance jobs to keep your home in good shape, whether thatโs clearing your guttering or having your wiring checked regularly. If you donโt bother and it leads to a disaster, your insurerโs Loss Adjuster might refuse your claim, so make sure you keep your home in good repair.
- Home Improvement โ It might seem odd that home improvement can be a problem, but you could end up being underinsured. If you havenโt informed your insurer about a new extension or loft conversion, they wonโt be covered in any valuation for repairs, so get everything sorted out before you start the improvements.
- Vermin โ Creatures like rats or mice can cause substantial damage, such as chewing through wires, and this may not be covered by your insurance policy. Check your policy for whatโs covered, and deal with any sign of vermin promptly โ most local councils have a pest control department.
- Not Informing About Regular Guests โ If you regularly take in guests, for instance as an Airbnb host or short-term rentals, you must inform your insurer, or your insurance policy may be invalid under non-disclosure rules. Check with your insurer what implications any arrangements will have on your policy.