Assurance for HomeYou need it when you do Home Improvement

Since mid 2008, commercial and residential property prices have taken a hammering. Through the basic economics of supply and demand, we all know that residential properties, will eventually increase in value. It will take time of course, but property has always been a good long term investment. It just means that long really does mean long and the analysts are saying that we need to look beyond 2015 for prices to get back up to where they were. To protect our property for that long we need a property insurance to protect our investment.

Commercial property has suffered a bigger hit, simply because there are too many property and too few businesses looking to occupy them. Again though, this will start to improve, but at a much slower rate and will take longer for prices to recover. Many investor will start collecting their investment from now.

As a result of the price dip, many of the army of smaller property owners that existed at the beginning of 2009 have now sold up. But, the property owning market is still strong as people simply cut their cloth accordingly as times get, and stay tougher. So in this 2010 the price for property will crawling.

As a property owner, you will either arrange your own commercial property insurance or this will be done by the tenant through the terms of your lease. As with all commercial insurance covers, you need to speak to a specialist broker to get advice and of course a good premium. You can use internet to find such relevant information regarding to your needs.

One of the questions the broker will ask you, as you would expect, relates to the re-building, or re-instatement, cost of the actual structure. As well as this, there will be numerous other questions and other “amounts” you need to declare, to ensure that you have adequate cover in the event of a loss.

It may seem simple, but there is the potential for confusion between what is buildings and what is contents. Time and time again we hear of claims submitted where parts are turned down because the customer did not have the right cover. As a property owner though, you need to ensure that you know the difference, as defined by your commercial insurance company. The reason for saying this, is that most insurers have slightly different interpretations of what a building is, and what contents are.

You need to look at your policy wording, nearer to the beginning, where there will always be a few pages of definitions. This is the policy legally setting down what it will and will not pay for. Very basically, buildings relates to everything that you would not necessarily take with you if you moved. So, this will include fitted carpets and laminate flooring, but not rugs, curtains or “non-fitted” white goods. If your kitchen has built in appliances, this is part of the buildings. Whereas a free standing fridge, washing machine or tumble dryer, is part of the contents.

For all the difference it actually makes, it is worthwhile including a few thousand for your contents insurance, just to make sure that you have some cover. Your broker should be able to help you with the definitions and it may be easier to simply phone them up and get them to drop you a summary email. You can then reply to this with figures against the main items to insure. So be smart when you need to buy a good home insurance.

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