In times of catastrophe and misfortune – whether it’s a flood, fire or break-in – home insurance can offer vital financial protection and is one of those things that we all need. However, that’s not to say it’s a one-size-fits-all product and although there are plenty of mainstream insurance providers out there, these companies will not always be right for you.
Quite often, you’ll find that if your circumstances are even marginally different to those of the average consumer this will have a substantial impact on your premiums and may affect your ability to take out a standard insurance policy altogether.
In such cases, it’s worth looking for non-standard home insurance. As its name suggests, this type of cover is perfect for those with requirements that are a bit different from the norm. So, which people are most likely to need it?
Those living in non-standard properties
Generally speaking, mainstream providers are unwilling to insure properties that feature materials not found in the majority of homes, often because of a perceived risk that they’re more susceptible to damage and will be more expensive to fix.
Of course, you’ll want to be sure your property – whatever type it is – is protected in case of an accident or break-in, with specialist cover a popular option among people living in homes that have timber cladding or are made from stone. If you’ve got a thatched roof – something that’s at greater risk of suffering fire damage than modern tiles – or live in a listed building, you’ll need specific materials and expert tradesmen to do any work on your home, costs a non-standard policy can help to meet.
Admittedly, properties like these are more likely to be involved in claims and the fact they cost more to repair does invariably raise the amount of money required to insure them. But you shouldn’t avoid bothering to get cover, as doing so can mean you need to meet these costs out of your own pocket and will be left with a bill that is be too expensive to bear.
It’s worth bearing in mind that properties that have been flooded before or lie on a floodplain are thought to be more likely to encounter damage.
Simply put, a standard insurer that views you as living in a place with a heightened risk of flooding – for example, the Cumbrian town of Cockermouth – is unlikely to provide you with a policy, so you’ll need to look elsewhere to get the protection you need.
People who travel around a lot
Whether the nature of your job sees you spend a lot of time away from home or you fancy taking a long holiday abroad, you also need to think about getting a non-standard insurance policy. Mainstream insurance policies often demand that a property must not stand unoccupied for more than 30 days at a time (otherwise it could be a greater target for burglars), so if something happens while you are away, your cover may not be valid.
Post by Edel