Although your home insurance policy should cover you if your pipes do burst on you, there are also some simple precautions to stop pipes from freezing. This is particularly important if you go away on holiday, so you can save you from returning to a nasty (and very damp!) shock.
‘Escape of water’ inside the home is the single biggest cause of home insurance claims, accounting for around one in five claims in a normal year. Claims peak in winter due to freezing. Pipes most exposed to the cold are a particular risk, including those supplying outdoor taps and plumbing in unheated basements, lofts and exterior walls.
Here are some tips to keep your home safe from water damage in winter:
- If you go away, leave central heating on by setting the thermostat low). This can prevent freezing so don’t turn the heating off completely.
- In cold weather, check all your taps from time to time. If little or no water flows there may be frozen water in the pipes.
- Insulate pipes that are most exposed to freezing and don’t forget corners and elbows of pipe work – they tend to be the most exposed. You can find supplies at DIY stores.
- Know where to find your stopcock, so you can cut off the flow of water if a pipe starts leaking. Research has shown that one in three homeowners don’t know where their stopcock is.
- Ask a neighbor, friend or relative to check your home while you are away – this will ensure burst pipes are spotted early and any damage is minimised.
- Have your central heating system checked and serviced regularly – a leaking radiator valve can also cause water damage.
- Turn off any indoor valves on pipes that lead to taps outside your home. Then open the outside tap and leave it open to let any water drain. This ensures there is no water in the pipes to freeze.
It is vital that you take out home insurance so that you are covered if your home is damaged in anyway, not to mention the other risks that it covers, such as burglary. Buying and renewing your house insurance is essential for any homeowner or tenant.
By following some simple guidelines, it is possible to save hundreds of pounds on your annual policy:
Shop around on the Internet:
Many house insurers specialise in insuring different types of risk. Know what you want to buy and don’t be misled by optional extras that you don’t need. By shopping around you can significantly improve your chances of finding the right product at a suitable price. Use an online insurer comparison service to find the most suitable and RELEVANT insurer. Price is not the only factor to consider. Relevance and previous success rates with your type of risk are important too.
Buy home insurance online:
Some home insurance companies offer discounts if you buy your insurance online.
Security:
Make sure you have the right security locks fitted, such as a mortice deadlock or rimlock conforming to British Standard 3621. You should also install a NACOSS approved burglar alarm and join a neighborhood watch scheme. Increased security measures can lead to a 5-10% discount on your policy.
Payment:
Consider paying your house insurance premium annually rather than monthly. Some insurers charge a high APR on monthly instalments.
Keep your sum insured up to date:
If you fail to inform your insurer of any new purchases or home improvements they may refuse to pay out in the event of a claim, leaving you to foot the bill.
Know the difference between buildings cover and contents cover:
The correct level of buildings cover should cover the full cost of rebuilding the property, not the market value. Building insurance is a legal requirement if you have a mortgage but beware, contents cover is optional, not everyone has it and many of those who do are under-insuring their homes as the contents increase in value year on year. Contents insurance should cover all possessions inside your home.
Avoid living in an area at risk of flooding or subsidence:
If you live in a known flooding or subsidence area you will have limited insurance options. The best advice from the industry is stay with your current insurer and not to be drawn by the lure of different prices or schemes from other insurers. House insurance problems are not usually experienced by an existing owner; the hitch comes when a house is sold and the new owner tries to secure insurance. Ask the current owner about any problems they encountered when insuring the property and ask for the name of the insurance company they used, to ensure the most appropriate cover.
Check policy exclusions:
A cheaper policy may be unsuitable because it may have several exclusions. House insurance does not provide cover for every eventuality. Read the small print to ensure you are fully insured for your needs. Know your contents value and be aware of individual item limits included in the standard policy. If you require additional cover this can usually be added for an extra cost.
‘New for Old’ cover:
This is also known as ‘replacement as new’ cover and means the insurer will pay out for the price it would cost to buy the items new. Most insurers will not provide ‘new for old’ cover on clothing, household linen, bicycles and audio/visual and computer equipment over five years old that has been damaged accidentally. For these items, a deduction is made for wear, tear and depreciation. In addition, deductions are made if items are not replaced or the sum insured does not represent the full cost of replacing the property insured.
Check the single item limit:
Most insurers will pay up to a maximum of £1,500 but this limit does vary depending on the insurer. Always inform your insurance company of any expensive individual items you wish to include on your policy. It may be necessary to pay a higher premium or take out a separate policy. These options are often worth it to protect your most valuable possessions.
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