Narrowing down exactly what you need and getting the right property insurance quote can make a big difference to how much you pay and what cover you have. And that’s where we can help.
What is property insurance?
Property insurance is quite literally what it says – insurance that protects your property assets, and can also protect you against any financial hardship as a result of claims against you for injury or damage to property. Property owners' insurance is a broad subject, which is why you need the advice of a professional broker to help you choose the right policy for you.
Standard home insurance usually falls into two categories: buildings cover, which covers the building itself and contents cover, which protects everything inside the property.
Why do you need property owners’ insurance?
Your home or business is the single most significant financial investment you are ever likely to make. Even if you're a tenant rather than a homeowner, the amount of money you invest in your property needs to be protected. Without insurance, you could be left massively out of pocket should something happen, whether that's as a result of natural disasters like storms, fire or flooding, or to protect against accidental or even deliberate damage.
As a property owner, it’s also advisable to protect yourself, especially if you own and operate a commercial premises. If someone comes onto your property and has an accident that could be your fault, or their personal property is damaged (for example, from a tile falling off a roof onto their car), you could be liable for both legal and compensation costs. So, property insurance considerations also need to include cover such as Public Liability Insurance.
What does it cover?
Property insurance provides cover for a variety of situations.
- Damage to property and/or belongings – For domestic homeowners, this is usually a combined ‘House and Contents’ insurance package and protects both the building and your contents against events like fire, flooding and theft. It can also include contents kept in outbuildings, such as garages or sheds, but this will be subject to certain conditions that may vary from policy to policy.
- Cost of lost rental income or expenses incurred when you have to find somewhere else to stay – If you have to vacate the property because the building is unsafe, then you may get cover that can pay for you to stay elsewhere. For landlords, this can protect against loss of income from rental if your tenants have to vacate an unsafe building after a fire or flood.
- Protection against property damage, or injuries to the public or visitors - If you employ someone such as a cleaner, gardener or childcare professional and they are injured while in your home, personal property insurance that includes personal or public liability insurance may protect you against the financial cost of a compensation claim. For commercial property owners, PLI is essential to protect your financial interests.
What isn't covered
Some situations are not covered by property insurance, such as:
- General wear and tear
- Damage that’s happened slowly (this may not include subsidence, especially if the property is built on top of old mine workings, for example)
- Pest infestations
- Storm damage to gates, hedges and fences
- Pre-existing issues, such as faulty plumbing
How much does property insurance cost?
The cost of your property policy will depend on the type of policy you choose, whether that's for domestic homes, rental properties, or commercial property. Your broker will be able to help you select the right policy for your needs and budget. Bear in mind that your lender or mortgage provider may want proof of insurance before a loan or mortgage can be agreed, so it's essential to get it sorted out as quickly as possible, and at a cost that you can afford.
What affects the cost of property insurance?
The cost of property insurance can be affected by the type of cover you choose, whether it's for domestic or commercial property, and your location. Adding approved security measures, such as an alarm, lockable shutters on a shop front, and even a simple video doorbell, can all help reduce the cost of your policy.
How much cover do I need?
You need enough to cover any possible financial outlay you may incur if your property is damaged or your contents are stolen. The resale value of your property may also influence the cost of any insurance cover.
How can I claim?
Your insurance company will provide you with everything you need to make a claim, but you can always talk to your broker if you need advice on how to proceed.
What if I have more than one property?
You can ask your broker to look around for a multi-property policy. Also sometimes referred to as portfolio insurance, it’s ideal for landlords, property investors, and second-home owners, although it may come with some conditions.
Why choose Park Insurance?
For over 30 years, Park Insurance has been the trusted insurance broker for homeowners and commercial customers looking for affordable, practical property owners’ insurance. We know what you need and how to create a portfolio that suits you, your needs and your wallet without ever ‘upselling’ you insurance you don’t need. Our position as a preferred broker with some of the UK's largest insurance providers means we can find you a better deal at a more competitive price.
To find out more, call our team and talk to one of our expert advisors today, or click on the Get A Quote button for a free, no-obligation quote right now.