Friday, July 3, 2009

Relocating Householders advised to seek Home Insurance

Amid all the chaos of moving into your new property home insurance may be the last item on your mind to organise, but you are advised to get your recently-purchased house protected as soon as possible.

Global retailer Tesco recently released tips aimed at smoothing the transition from your previous property to your new one. Of prime importance is making sure you have insurance in place that can provide funds if your home is damaged in some way.

The company urges householders to seek appropriate buildings and contents cover so if you are the victim of floods or fire, for example, you can replace belongings and pay for repairs. In order to make sure you are adequately covered by your policy it is advised to have all the details of your new property to hand before seeking a quote. For instance insurers often need to know the make of your security devices and alarms to calculate your premiums and compiling details beforehand can save you time.

If your move is accompanied by new fixtures and fittings, it is worth letting your insurance company know you have purchased costly items as they can adjust your cover to protect them. In addition, do not forget to mention new electrical appliances that you have recently purchased as these will also help to make up the price of your premium and will ensure you can replace items following unforeseen events, including theft.

When searching for an affordable deal you may like to shop around and check out the policies offered by other companies to see which suits you and your new home best. Debra Williams, from Tesco, explained that finding the right policy to protect your home can help ease the strain of moving into a new property.

"There are many things you can do to take the stress out of moving and save yourself some money," she said.

"Making sure you have the right home insurance in place for your new home can offer you peace of mind."

As well as protection from devastating incidences like floods and storms, many policies can offer funds for smaller-scale events that also affect your property, such as oil leaks and spoiled food due to electrical failure.

You may also like to consider going with an insurer that offers Accidental Damage cover, which can protect your home and belongings from mishaps. A further option available from some companies is All Risks cover that provides payouts for items that are lost or damaged if they are taken overseas.

Guide to Home Insurance for Home-Based Workers

What cover do you need when working from home? Working from home - it's peaceful, productive and free of responsibility... or is it? If you're one of the growing number of people who now work from home, you're responsible for making sure any home office equipment is safe and secure. That means it's down to you to organise insurance against theft, loss and damage. But with this guide to home insurance for home-based workers and businesses, your contents could be insured in no time.

Types of contents insurance

There are two types of contents insurance:

* The cheapest type is an 'indemnity' policy, which takes into account an amount for wear and tear. * The more costly type is a 'new for old' policy. This means you'll be paid the full amount for any item lost, stolen or damaged.

Do I need additional insurance when working from home?

Your standard home contents insurance policy may not be adequate to cover you while working at home, as domestic insurance generally only covers 'administration' duties.

You may want to supplement your standard contents insurance by adding an 'all-risks' policy for business equipment. An all-risks policy can cover loss or damage, including for when a business item is taken away from home (e.g. a business laptop).

Also, if your type of home work requires visitors to the house for purposes related to the business, you should consider Public Liability Insurance. Though not compulsory, public liability cover protects you from loss or damage resulting from claims made by anyone who visits your home in connection with your business. It also covers legal fees and other expenses to do with defending a claim.

In short, read your existing contents policy and check out the level of administration duties that are covered in relation to home work, and upgrade if necessary. And if your job means occasional visitors to your home on business grounds, then consider an adequate level of public liability insurance.

What items are covered?

A typical contents insurance policy will include electrical goods (hi-fi, TV, DVD player etc), your CD and DVD collection, furniture, carpets, clothes, ornaments and paintings. Some insurers automatically cover up to £5,000 of home office equipment, but be aware - you may need additional cover for specialist items such as expensive audio visual equipment, photocopiers etc.

Contents insurance can also be extended to cover items that you leave home with, such as a laptop, computer or mobile phone. Alternatively you can insure such items separately with an 'all-risks' policy for business equipment.