Features of unoccupied home insurance explained
Your unoccupied home insurance policy will include several features that impact the amount you pay and your level of cover. These include:
Buildings insurance
Generally, the most important part of home insurance is the buildings cover. In insurance speak the building is defined as “the Home and its permanent fixtures and fittings, swimming pools, paths, drives, terraces, walls, hedges, gates and fences all contained within the boundaries of the Land.
The rebuild cost
This is the cost you should be insuring your property for. It is the most you can claim should there be a total destruction of your home. You must take into consideration the cost of demolition and clearance, solicitor, surveyor and architects fees and re-building, including outbuilding, pools boundary walls. It's important not to assume that the rebuild cost of your home will be the same as its market value. Our advisers can talk you through the process of how to work out your re-build cost.
Property owners' liability
This is often the most misunderstood or overlooked by property owners. Towergate's liability insurance is to compensate loss, damage or injury to third parties. It’s important because it is your responsibility to oversee that the property is adequately maintained and this makes you ultimately responsible. Our policy covers you for up to £2 million of damage.
Contents insurance
A great way to understand the difference between your ‘contents’ and your ‘building’ would be to (hypothetically) tip your house the wrong way up. Anything that would fall is considered contents. This would mean furniture, carpets, curtains and decorations are contents but the walls, ceiling, fixed flooring and kitchen cabinets come under buildings insurance.
Optional legal cover
Legal expenses will usually cover you up to £50,000 for the pursuit of legal action against an array of issues such as the removal of squatters, personal identity theft, nuisance or trespass.