House Buildings Insurance Continued

What influences cost?

The cost of the insurance depends on the rebuilding cost of your property (seep. ). The main influences on rebuilding cost are the type of home you have - flat, detached house, bungalow, and so on - the age of the property, its size, and whereabouts you live (because building costs vary from area to area).

One or two companies provide insurance cover based on the size, age and location of the property rather than on rebuilding costs.

Points to note

- If you leave your home unoccupied for more than a set period of time (usually 30 days), the insurance company will not pay, after that time, for any damage under specified sections of the policy.

- Damage by vermin is usually excluded - that can mean rats or squirrels gnawing at electric cables (though damage due to a fire caused by the damaged cables normally would be covered). Similarly, damage by insects or fungus, or caused by condensation, is>- Locks come under a buildings policy - because they're part of the fixtures and fittings. A lock damaged through burglary or fire would come into the insured perils category, but if you lost your keys, thus rendering the lock useless, no damage would hav>

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House Buildings Insurance Case History

Mr and Mrs W put in a substantial claim with their insurance company when they noticed several large cracks developing in part of their house, but the company denied liability. The company's loss adjusters declared that most of the subsidence had occurred two years before the policy was taken out and that some repair work had been carried out, probably shortly after the war, since when the house had been insured with a number of insurers.

Mr and Mrs W got their insurance broker to contact the previous insurers but they too denied liability on the grounds that nothing had been reported... see: House Buildings Insurance Case History

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