Buildings Insurance / Contents Insurance / Mortgage Payment Protection Insurance (MPPI) / Buy to let insurance   Are you currently paying too much? Your home is likely to be the biggest asset you will ever have, so it makes sense to protect it properly. In fact, if you have a mortgage you won't have a choice - your lender will insist that you to have insurance to cover the cost of rebuilding your home in the event of a fire or similar damage. Contents cover is optional, however what you save by cutting back on contents cover could soon prove to be a false economy if you are robbed or suffer damage to your home. Contact us at Moneytomove and we can arrange a competitive quote through Pink Home Loans' association with Paymentshield and probably save you money in the process. We will cover the following if you wish to request a quote from a professional: - Buildings Insurance Having suitable home insurance will be a condition on your mortgage when you take it out. You do not have to take out your policy with your building society/lender, unless you have agreed to a special mortgage package, which includes their own insurance. The 'sum insured' is the maximum amount the insurance company can pay you. It must be the full re-building cost of your property. The exact amount you will need to cover your property can be found on your valuation report you would have received before you moved in. Any significant under-insurance could mean that your claim might be reduced or even rejected altogether. It is a good idea to have your level of cover index linked so that it rises automatically each year to prevent you becoming under insured by accident. This however costs a little more. Need advice ? Click here to ask the expert!   >> back to top   Contents Insurance Contents policies also have other sections such as liability insurance, legal expenses and freezer contents to cover those extra risks likely to happen. Usually to have these sections added to your policy may require an extra premium. A wide range of contents policies are available. The cheapest of all is the 'indemnity' policy. This takes into account the amount for wear and tear. So, if your five year old carpet was ruined by leaking water, the pay-out would reflect the age of the carpet. Costing a little more is the 'new for old' policy. With this policy you will be paid the full cost of a brand new carpet to replace the five year old one. Cost Your postcode is important both for buildings and contents insurance. insurers may find that your postcode area is more prone than others to subsidence damage, or the losses from theft or winter weather. Some policies will now give you a discount for not having had a claim with any insurer, the more years you have gone without a claim the bigger the discount. Some also give a discount to first time buyers. Extra Cover / Accidental Damage / Personal Possessions Cover You can add onto your policy 'accidental damage' which could come in useful if your 3-piece suit was accidentally damaged by paint or by such things. If you want to widen your level of cover to include accidental damage then an increased premium will be payable. Personal Possessions such as cash and cards can be covered, as can things such as binoculars, jewellery and cameras etc on All Risks cover. Liability / Legal Expenses Householders - like everyone else - must exercise reasonable care in everything they do. If you are careless or negligent, and cause damage to someone else or their property - then you could be held legally liable - perhaps for a great deal of money. Contents and buildings policies cover you against this risk. The buildings policy covers you as owner of your home while the contents policy covers you as its occupier. Claims Read your policy and make sure that the loss you have suffered is covered by your policy. Decide which policy, buildings or contents, to claim under. If you are not sure, telephone your insurance company for advice. Your policy booklet gives you a contact number. You will need to request a claim form from your insurer, which will need to be completed as soon as possible. This needs to be sent back with your estimates for the costs of repairs/replacement. If you have a 'replacement as new' policy you can claim for the full cost of repairing your property or replacing it with new items if they've been stolen or destroyed. If you have an indemnity policy then you must deduct, on your claim form, an amount to represent wear and tear. If you find it difficult to get estimates quickly then send the claim form to the insurance company straight away, and tell them the estimates will follow shortly. If you have suffered from theft, malicious damage or vandalism, tell the police immediately, as you will require a crime number. If you have lost credit cards or debit cards, tell the company that issued them immediately, a delay of even a few hours could prove expensive for you. If temporary repairs have to be done to prevent further damage, arrange for the work to be done and keep bills. This maybe included in the overall costs of the claim. It is important to keep damaged items because the insurance company may want to see them. Burnt or soaked property can be kept in a shed or garage. As soon as the insurance company gets your estimates it will either: Pay Your Claim Arrange for a claims inspector to call on you Send a loss adjuster to handle the whole claim Loss adjusters are independent experts with a good knowledge of the area in which they operate. They are skilled in assessing claims and in advising on the best repair and reinstatement methods. They will recommend to the insurance company the way in which your claim should be settled. There is usually no need for you to appoint someone to act on your behalf. If you do, remember you will have to pay their fees yourself. Insurance companies usually want to see evidence of ownership and value of property which has been lost or damaged. It is important to keep, if possible, receipts and professional valuations. If you do not have these, ask the insurance company what other evidence they will accept. Many insurance companies provide telephone help lines for policyholders facing an emergency. They can give you the names of good tradesmen for emergency repairs and, of course, give detailed advice to those having to make a claim. Security Some insurers require the installation of approved alarm and/or minimum-security fittings in certain post code areas. Check whether this applies. You may qualify for a discount from the premium if you already have good security or have added any make sure you tell your insurer. Insurance policies these days are easy to read. There is no 'small print' and many of them have won plain English awards. It is advisable that you check your policy immediately and make sure you are adequately covered! Discounts Always ask the insurer if there are any discounts offered on the policy. Many things can get you an extra discount, having a dog, being a non smoker etc. Need advice ? Click here to ask the expert!   >> back to top   Mortgage Payment Protection Anyone who has a mortgage can have mortgage payment protection in the event that you are unable to work due to illness or the loss of your job the insurer will pay your mortgage while you get back on your feet (up to 2 years with some insurers). Mortgage payment protection is ideal for anyone who has had medical problems in the past as there are no medical questions and it costs everyone the same or equally for smokers as the price is the same for both smokers and non-smokers. The premium is based entirely on how much your mortgage costs. If your only concern is illness maybe you should consider an Income Protection policy. Need advice ? Click here to ask the expert!   >> back to top   Buy to let insurance Buy to let specific insurance,is becoming increasingly important. If the property you are insuring is tenanted or about to be tenanted you must ensure that you have the appropriate buy to let insurance. The consequences of using a "standard home insurance" contract to insure a let property is that you may well be uninsured. Need advice ? Click here to ask the expert!   >> back to top phone: 020 7229 9722 email: info@moneytomove.co.uk       Moneytomove is a trading name of Moneytomove Ltd which is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Services Authority. FSA Reg No. 305008. Registered office: Flat, 119 Portobello Rd, Notting Hill, London W11 2DY. Registered in England, Number: 5425034 Key Facts about our Mortgage Service