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Leading Property Insurance Broker in the UK

Friday Jan 11, 2019

If there's anything as unfortunate as having damage to a property you own, it's having to pay to fix those damages. Homes and other types of properties cost an arm and a leg when it comes to assessing and fixing damages, which is why people often like to have property insurance. Property insurance can cover many claims, as properties are notorious for having unexpected damages done to them.

For many of us, there is a lot of jargon in property insurance, which we need to understand better, and hiring a property insurance broker can explain contracts and details to you. You need advice, but not just some superficial advice, you need professional advice about property insurance and what it can do for you and how you can benefit from it.

What Do Property Insurance Brokers Do?

Finding a broker is not a problem. Finding a broker that suits you, understands your requests, and gives you sound advice, is another story. The right insurance broker for you would need to delve a bit more into what your current situation is and what you are expecting from the broker. This needs more than just filling out a form, especially if you have several properties to insure. Even if it's just one small property, it is a big deal to you and you want to protect it knowing that you might not get a second chance to own a property.

An insurance broker will sometimes act as an agent for an insurer, meaning they are not one and the same person. The broker is in charge of getting you the best insurance deal for your property and does so on your behalf, while the insurer is the one to pay out a claim. Whether the broker is an agent or a direct insurer, that person is responsible to explain everything to you about property insurance, which insurances you need, and what the insurance covers. They will also help you understand the technical terms used in insurances and will make a claim on your behalf. Alongside of these tasks, brokers are meant to give you the best advice on what to do and how to do it.

Why Do You Need A Broker?

Probably the only people that do not need a broker are brokers. Insurance, in general, is rather a complicated service that not many always understand. Well, we understand the basics, that a claim is paid out by insurers, there is more about it than meets the eye. That is why some claims get rejected. And rejection can happen to people who have signed up for a policy that did not suit them or maybe they did not have a clear understanding of what their policy covers.

To avoid that, a broker would make things clear to you before you sign, and you will understand better the level of coverage that you need. A broker may also have more access, more policies that regular consumers do not have, or often do not even know about. Due to their knowledge of the market, they can find you the best deals out there and negotiate for you on premiums if needed.

What Gets Covered?

Domestic homes are not the only coverage of property insurance. A host of other types of properties also, get coverage, such as:

  • Real estate of all types of businesses - This includes hotels, restaurants, shops, and malls. And also includes private businesses, such as doctor clinics, gyms, or personal offices.

  • Unoccupied structures - If you're a landlord of an unoccupied building or home or commercial structure, you are also prone to hazards, if not more so, than if the structure is occupied. Vandalism, worn down infrastructure that had an effect on your neighbor, such as water damage from rusty, broken pipes, are things to worry about that you needn't to with a good property insurance.

  • Land - The land might be unoccupied or it might be a sports center, horse track or golf course, for example.

  • Infrastructure - This would include such things as sewage or waste treatments.

    These are just a few examples of what may be covered in an insurance policy. As you can see, it can be overwhelming to know exactly what you need, so it is best to seek the advice of a property insurance broker. A good insurance broker will know that every claim, every situation is different and will so treat it as such.

    Who Gets Covered?

    Any property owner can get coverage, yet some owners with high-risk properties might have more difficulty. Younger people in their 20s and 30s do not usually see the need insurance, though they are more at risk than their older counterparts who tend to be more cautious with their property and belongings.

    What Kinds of Claims Are There in Property Insurance?

    There are different claims and coverage, and this depends on the type of structure you want insurance on. There are other factors to consider also. For example, if you own a property in the UK, earthquake coverage probably would not be a priority, but an insurance against flooding might be higher on the list. Depending on what type of structure you want to cover will influence what type insurance to use. An unoccupied residence is not like an occupied one, so it will cover different things and vice versa. The most common home insurance claims in the UK have been found to be:

  • Escaping water
  • Storm damage
  • Accidental damage
  • Theft
  • Fire
  • Subsidence
  • Flood
  • Malicious damage
  • Impact damage
  • Freeze

    Choosing a Broker

    It's easy to get fooled by promises and 'claims'. Yet, like anything else, do your research and do not settle for amateurs or worse, so-called brokers who just might want to con you. Check reviews, interview them and check for credentials. Good insurance brokers actually spend a lot of their working day outside, more than inside the office.

    Just one busted water pipe can cause you thousands of pounds in damages so it makes perfect sense that something so valuable as your home and what is in it should be protected.

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