Included within the policy wording will be a definition of personal money and cards, which could be similar to the following: Cash, currency, bank notes, cheques, postal or money orders, savings stamps and certificates, premium bonds, gift tokens, luncheon vouchers, trading stamps, travellers cheques, travel tickets and current postage stamps belonging to you and held for personal domestic or social purposes only. Credit, cheque, debit, charge, bankers’ and cash dispenser cards belonging to you and used for personal domestic and social purposes only.

The cover granted is generally for loss of money used or held for private, social or domestic purposes and loss from fraudulent use by any unauthorised person of credit cards. Insurers will specifically exclude business money and cards, unless of course you have a homeworkers policy including this facility. This type of policy is a mixture between home and business insurance. Targeted for those running a business from their home.

As you would expect there are exclusions under the personal money and cards covers, which might be: Loss of money by mistake in change counting or overpayment. Not reported to the police within 24 hours of discovery. Loss of credit cards not reported to the police and the issuing authority within 24 hours of discovery. Refer to your policy schedule and wording for the scope of your cover.

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We now have a greater capacity to quote for homes considered to be within flood risk areas, provided that the property and surrounding vicinity has no known history of flooding.

Ember JD can now offer cover for home and annexe insurance, when the annexe is used for short term holiday lets.

We have expanded our acceptance range for home and lodger insurance, which we believe will cater for most situations at good prices.

In addition to the above, we now have a wider scope to cater for other non-standard risks, so please feel free to check out the insurances we offer under the sidebar menu or the quote links below.

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Land belonging to the home

Then one example contained within a sentence

as owner (not occupier) of the buildings and land

Insurers are aware that policy wordings should be in plain English, easy for a layperson to understand and giving a fuller explanation is part of that committment. The use of key words and phrases isn’t just restricted to the policy wording and keyfacts summary, it is also used on the schedule which specifically details the policyholder’s cover in force.

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BIBA

The British Insurance Brokers’ Association (BIBA) is the trade organisation for UK general insurance brokers, looking after the interests of its members and in turn their clients. Today BIBA has just under 2,000 regulated members, since the merger with the Institute of Insurance Brokers (IIB) in November 2011.

The general insurance broking sector is a contributor to the UK economy, accounting for 1% of the gross domestic production (GDP) and collectively employs over 100,000 staff. BIBA represents the interest of brokers when it comes to regulators, lobbying Government, statutory changes, technical advice and generally helps to raise standard within the insurance community. Finally BIBA provides an important ‘Find a Broker’ service to help over 400,000 people per year find insurance cover from an expert broker member, when possibly without help consumers might not find a solution. An insurance broker gives real value to the insurance chain, advising on risk, improvements to reduce the likelihood of claims and in turn reducing premiums for customers.

Unitas

Unitas was formed in 1997 as an alternative to large national and international brokering groups. Joining forces means that members gain the benefits of a much larger organisation, however each member remains separate without restrictions.

Working together Unitas gross premium exceed £900 Million and its members employ over 1,100 staff, so a major force in the sector. The union means that members can access insurer schemes and facilities including the Lloyds of London market. The strength of a large alliance, with the benefits of total independence to offer competitive premiums and excellent customer care.

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The temporary accommodation would be comparable with the insured home, to make the wait until the insured can move back in as comfortable as possible. Usually the cost of accommodation for domestic pets during the repairs is also included, as it may not be possible for animals to live with the insured during the upheaval. There may be a limit placed on how long monthly payments would be made, typically 12 months from the date of the claim.

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1) the cost of repair or replacement less a reduction for wear and depreciation or
2) for reduction in market value caused by the damage.

The maximum amount payable in respect of each claim is the sum insured stated in the schedule, plus 25% of the Buildings sum insured for loss of rent and cost of temporary accommodation, if the home is declared uninhabitable by the insurer as a result of the insured damage.

The contents sum insured will not be reduced following payment of a claim. Provided that at the time of damage or loss the sum insured is not less than the full current replacement cost, the insurers will have the option to settle as follows:

1) replace the item(s) as new or
2) pay the cost of repair for items which can be economically repaired or
3) pay the full replacement cost.

The full replacement cost is the cost of replacing all contents as new, less an amount for wear, tear and depreciation on clothing and household linen. Where the policyholder has chosen not to repair or replace an item, the insurer will make a deduction for wear, tear and depreciation. The maximum payable shall not exceed the sum insured.

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The reasonable care condition is a general condition applying to the whole of the home insurance policy, so will be found within the policy wording. Insurers are not looking to insure show homes, but it is important to ensure that this condition is complied with, as the validity of the insurance could be affected, which could lead to claims being declined.

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When you take out cover or change the risk address a proposal form is issued containing all the facts relating to the risk. These days proposal forms are usually electronically generated, so all the policyholder has to do is carefully check that the information is correct before signing and returning to the insurance provider. A statement of fact is similar to the proposal form and is perhaps more common these days. Again all the risk details are laid out for checking by the policyholder, the difference being a statement of fact doesn’t need to be signed and returned.

At new business, renewal and for mid-term adjustments a schedule is issued, which details the policyholder’s name, period of insurance, premium, risk address, sums insured, extent of cover options included, excesses and any endorsements applying extending or restricting the cover. A policy wording contains the small print of the cover, the schedule will pinpoint which sections of the wording apply. The schedule should be read in conjunction with the policy wording for full details of the cover applying. Finally a keyfacts policy summary document is a brief outline of the policy wording.

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The total valuables limit is usually one-third of the contents sum insured or £5,000 whichever is the greater, with a single item of valuables £1,500. This will vary from insurer to insurer. Most insurers can cater for higher total valuables and single item worth more than the single limit by specifying on the schedule. Your policy wording will detail the set policy limits applicable.

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The buildings sum insured is index linked with the House Building Cost Index and the contents sum is connected to the Retail Price Index. No charge is made by insurers for index linking, but as premiums are charged on the sums insured, as the figures go up the premium goes up as a consequence. Generally specified personal possessions, such as jewellery and watches are not index linked. Set policy limits and cover extensions, such as personal money and cards are also exempt from the increase. In the event that the Buildings and Retail price indexes record a minus the sums insured would stay the same.

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