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Home Insurance

Discover the key components of property insurance
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financial protection for your home and it's contents

Home insurance is a type of property insurance that provides financial protection for your home and its contents in the event of damage, theft, or other covered perils. It is designed to help homeowners mitigate the financial risks associated with owning a house and there are many types of home insurance that you may wish to consider.

Understanding Home insurance

What are are the most commonly asked questions about home insurance?

What is Building Insurance?

Building insurance provides financial protection if there is damage to the structure of your home like the walls, roof, and floors, but also the fixtures and fittings as well. It is also a requirement when taking out a mortgage on your home.

What is Contents Insurance?

Content insurance provides financial protection if there is damage to the contents of your home. If you were to tip your house upside down, everything that would fall out would be considered contents. In addition to this, carpets are typically classed as contents. This is not a legal requirement to have but is useful to have and can also be discounted if both buildings and contents cover are taken out together.

What is Landlord/Buy to Let Insurance?

Standard home insurance won't cover you against the many risks associated with buy-to-let properties. You need specialist landlord insurance to make sure that your property is covered for certain situations that you wouldn't have with a residential property. This type of insurance typically covers the building, but you can also include landlord contents cover as well. If you have a buy-to-let mortgage on the property, the lender will likely have conditions that include taking out the appropriate insurance

What does Building Sum Insured mean?

Building Sum insured is the total cost of rebuilding your property from scratch, including professional fees for builders etc. This is not the same as your property's market value, which might be higher or lower than the rebuild cost. You can find the correct sum insured value on your property’s valuation report or mortgage survey.

What does Content Sum insured mean?

Content sum insured is the total value of all the contents in your home, including valuables, personal belongings, and carpets. It is incredibly important that you have enough cover in place because if you are underinsured it could mean that the insurance company might not pay out in full or at all in the event of a claim.
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Home Insurance

Common terms used in property insurance

We'll help you demystify the jargon of some of the key terms used in building and content insurance:

What is Trace and Access?

Trace and Access covers the costs associated with detecting and repairing the source of a water leak. Finding the source of a leak can be costly, so it gives you peace of mind knowing that you can call a plumber and have your insurance cover the cost of finding it. It also means that it will help prevent your property from suffering any further significant damage. Not all insurance companies provide this as standard, but here at Windsor Hill, all our providers are 5* Defaqto rated which means that this benefit comes as standard on all the policies we source for you.

What does Valuables mean?

Valuables are items that are considered high worth and are over a limit determined by the insurer. Our panel of insurers require any valuable item over the value of £1,500 to be declared. Some examples of items classified as valuables would be watches, jewellery, furs, bags, and coin collections. You can specify if you want the items to be covered just inside the home or outside of the home as well.

What is an Excess?

An excess is the amount you must pay towards the overall cost of a claim. There are two types of excess, compulsory and voluntary. Compulsory is the minimum excess that the insurer sets, and the voluntary is the excess you decide you can pay in addition to that. So, for example, if the compulsory is set at £100 and you set your voluntary excess at £250 your total excess payment would be £350. Not every insurer will have a compulsory excess but it's always best to check your policy documents to make sure you have considered the compulsory excess if it is applicable. 

 With home insurance, you will likely have different excesses for different scenarios, and these can differ depending on the insurer. As standard, typically you will have a £1,000 subsidence excess due to the high-value cost of those types of claims. Your escape of water excess might also differ from your standard excess. 

They would usually have a minimum excess for these types of claims, such as £250. Make sure to bear in mind that if you have sent your standard excess higher than the minimum escape of water excess it will likely mirror the standard instead. The excess that you set on your policy does have an impact on the overall premium that you will pay for the year. Typically, the higher the excess the lower your premium will be and vice versa. You must set your excess to an amount that is affordable for yourself. It's all very well having a lower premium, but if you can't pay the excess in the event of a claim there would not be any point in paying for the insurance in the first place
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Speak to our trusted insurance advisors

Windsor Hill works closely with individuals considering all forms of protection for their properties. We are here to help you make an informed decision based on your individual needs and circumstances.

Speak to one of our expert team members today to help you with your equity release mortgage requirements at 01225 962 456 or email info@windsorhillmortgages.co.uk

With Windsor Hill Mortgages, the path to property insurance is clear and straightforward, transforming what could be overwhelming into a smooth, informed process.

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IMPARTIAL FINANCIAL ADVICE

Whether you are looking for building insurance or life cover for peace of mind for you and your family, our team are here to offer practical guidance. 

 Our experienced financial, insurance and mortgage advisors take real pride in offering impartial advice, so you’ll have the peace of mind that your best interests are at the heart of everything we do. 

 Based in Bath, we enjoy getting to know our clients and listening to their requirements to ensure we provide the right financial solutions every time. 
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