What level of cover do I need - sum-insured or bedroom rated? There are various ways to select the level of cover you need. What it would cost to actual rebuild your home (this is not the market value of your home but what it would cost to rebuild from scratch) is covered with a sum insured policy. Your premiums are calculated on this cost.
Doing away with the need to calculate exact cost is a bedroom rated policy. This is based on the number of bedrooms your house has, however, there is a maximum upper limit to this cover.
I own a 200 year old cottage, how do I value this for buildings insurance purposes? - You should always insure your home for the full rebuilding costs. This is not easy to do with an older house.
The best way to find what the cost to rebuild is is to ask a chartered surveyor to prepare a valuation for insurance purposes The Royal Institution of Chartered Surveyors will provide you with a surveyor.
How many bedrooms shall I tell my insurers I have as I use one as a games room and one as a study? - Even if bedrooms are used for different purposes now, they were originally designed for sleeping in. You insurers will want to know how many 'original' bedrooms your home has. They will also want to know if any rooms have been converted into bedrooms.
Please explain what accidental damage cover is? - This cover, on a buildings insurance policy, protects against accidental damage you may cause to your fixtures and fittings or building.
There is only limited cover on standard policies, such as accidental damage to glass in skylights, windows and doors etc. To cover a wider range of problems you can pay extra to extend accidental damage. This may cost around 20 to 100 pounds a year on top of your premium.
Can I switch to a cheaper policy if I took out buildings insurance recommended by my mortgage lender? So the security of a mortgage lenders loan is protected, they will insist that you have buildings insurance.
Lenders often recommend an insurer and arrange the cover for you. Mainly due to the fact lenders earn commission from the insurer. Often for a lot less you can arrange your own cover. You may be charged a 'switching fee' for doing this by your mortgage lender; however, your insurer may pay for that.
I live in an area at risk of flooding, will I still get in cover? - As long as the government promises enough money to maintain and improve flood defences, insurers will continue to provide cover to existing customers.
I don't live in a flood-risk area, will my premiums go up? - Quotes that were provided for 2007 and 2008 showed no apparent increase across the board.
I live in a flat, is that different from insuring a house? - You should definitely shop around for insurance. Many insurers have high premiums for covering flats even though flats are normally smaller than houses.
If I pay by instalments, will it cost more? - Not all insurers charge more for paying monthly, but some will.
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