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According to the new research, there are more than 300 reported cases of house break-ins on average across the UK each November 12th. The data suggests that this trend occurs at least partly because people tend not to be as careful about locking their door during these dark months and burglars know exactly which houses will be left unoccupied for long periods between Christmas Day and New Year’s Eve – when they often choose targets by chance if no one is home or present with an open front gate (which also happens).
Scotland appears particularly vulnerable: residents here report 76% higher risk levels among those living indoors versus out during wintertime
This is a warning statistic for every UK resident and flat owner. They know that their home is one of the most important things to protect, but with all the different types of insurance on offer, it can be difficult to understand what’s right for you.
To help you make an informed decision about your flat insurance we’ve put together 5 common sense ways to differentiate between a good and a bad policy which will ensure your home is covered in case of an emergency. Read on!
Know your deductible
As a flat owner in the UK, you need to ensure that your property is protected from various risks.
However, there are many different types of insurance policies available for this purpose and each one of them has its own deductible amount. This can lead to confusion among the customers when they try to decide how much they should be willing to pay as their deductible.
In order to make this process easier, you can use an easy-to-use calculator which will help you calculate the right amount of money that you should be willing to spend on your deductible depending on what kind of policy do you want to purchase and how big your apartment/flat is.
Make sure you have enough coverage for your needs
The types of coverage that is included in a standard homeowner’s policy can be broken down into six different categories.
- Dwelling coverage: It will cover the amount to rebuild your home if you’ve suffered losses because of severe damage. This cover protects the home and its attached structures.
- Other Structures Coverage: It will cover 10% of your dwelling coverage for the damage of the outside structures of your property.
- Personal property coverage: 50% of your dwelling coverage can be paid for the repairing or replacing of your personal belongings which is theft or damage.
- Additional living expenses coverage: It will reimburse you for hotel costs and meals while your home is being repaired after a disaster such as a fire or a flood. It covers 20% of your dwelling coverage.
- Liability coverage: This policy pays for damages you cause unintentionally or through neglect. It covers roughly 75,000 GBP to 3,75,000 GBP.
- Medical Payments coverage: This policy covers injuries that happen on your property, regardless of who’s at fault. It also pays out if you or a family member gets injured elsewhere and the injury was caused by one of our insured! It covers roughly 75,000 GBP to 3,75,000 GBP.
A good policy should have umbrella liability insurance coverage
An umbrella liability insurance policy covers any damages over what is covered under your primary homeowners’ policy. You should check that insurer covers your building for natural disasters like flood, fire, storm.
If you are sued for libel, slander, defamation of character, invasion of privacy, copyright infringement, such claims are not typically covered under a regular homeowners’ insurance policy. Umbrella liability insurance coverage can cover you in such cases.
A good policy should cover all-natural disasters
You may want to invest in a policy that covers both natural disasters.
Be aware that some policies cover only certain types of disasters such as hurricanes but not earthquakes.
Less waiting period
Homeowner insurance wait periods can vary by provider, but they’re usually 30-90 days. If you file a claim during this time frame and there is no agreement with your insurer yet on what will cover it or how much money damages should cost (which sometimes happens), then the full amount of expenses will be charged against your policy until an agreement has been reached in principle between all parties involved – including yourself if necessary!
A good insurance should have a less waiting period.
Conclusion
It’s important to have enough coverage for your needs. A good policy should cover all-natural disasters, so it would be a bad idea to get an insurance plan that doesn’t include this type of protection. Also, make sure the waiting period is as short as possible before you can file a claim on something like property damage.
Finally, if you need more time between paying premiums and receiving benefits then consider getting what’s called “recurring payments.” If this sounds like something you need help with, let’s talk!
