GENERAL INSURANCE ADVICE
Stay protected in those unpredictable occasions through general insurance policies
Because so much in life is completely unpredictable, part of our job at Octagon Financial Services is to help you think about events that may or may not affect you in your home through general insurance policies, including personal accidents, fire, theft, storm damage and floods.
Of course everyone hopes none of these things will ever happen to them. However, according to the Office For National Statistics (August 2016) in 2014 / 2015: There were around 750,000 reported burglaries in the UK, which means the total number was considerably more. And the widespread floods of 2015 caused over £5bn of damage. These are just 2 examples of where general insurance would have been appropriate. The emotional impact of these events is huge. Just think how much worse things would be if you then weren’t insured against them.
We appreciate that home insurance can seem like a mine-field, with so many options available. At Octagon Financial Services we have access to a specialist panel of insurers; once we understand your particular situation we can give you the best general insurance advice with options to suit your needs.
Everyone’s general insurance requirements will be different, but as a very rough guide here are some summaries of the matters we regularly advise on:
Covers the structure of your home such as permanent fixtures and fittings including baths, toilets and fitted kitchens. Your general insurance will usually cover you for the cost of any emergency temporary accommodation should your home be uninhabitable.
Accuracy of Sums Insured
It is absolutely crucial that the sums insured for buildings and contents are accurate as these sums are the maximum your insurer will pay out if you claim. Buildings should be insured for the rebuilding cost (not what you paid for the property or the current market value).
Contents should be insured for the cost of replacing them as new, not their current value. Getting this right is critical.
Covers your possessions – typically everything you would take with you when you move. There will usually be a limit on individual items above a particular value, so this is worth checking. For items above this value, you may need to pay an extra premium for them to be covered.
How Your Claim Will Be Paid
If your home is damaged and needs repair, your building insurer will arrange the repairs and settle the claim direct with the repairer. If your home is uninhabitable during repairs (such as drying-out after a flood) your insurer will arrange and pay for emergency temporary accommodation. For damage to contents, your insurer will either pay for repair where that’s possible, or pay for the full cost of replacement (minus any excess).
Recent research shows that 1 in 5 home insurance claims are unsuccessful, mostly because people don’t know exactly what they’re covered for. That’s why getting the right advice is so important – it can save you a fortune in the long run.