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How Much Cover Should You HaveA hot topic in the insurance industry at the moment is the threat posed by the British weather. On the back of the heavy flooding of 2007 the Association of British Insurers received roughly four years worth of claims in the space of just three months, and the heavy cold snap of this winter has had a similar (though far less severe) impact on the volume of claims. The ABI has forced the government to take steps to protect against the weather, but there is only so much that can be done.So what will your home insurance company cover you for, and what should you ask for extra? Well, insurance companies should cover you for a range of perils, including storm and flood damage. Most insurance policies will cover for damage to the structure of the property, as well as integral elements such as bathrooms and fitted kitchens. What exactly is included may vary from policy to policy, but you should expect cover from storms and high winds as standard. Insurance policies will also cover you against freezing water. If you happen to suffer a cracked pipe, or water escaping from burst pipes you will be covered for the damage, as well as the cost of repairing the pipe. You should bear in mind that if the pipes suffer damage because of freezing you will be covered; if they suffer damage as a result of a build up of wear and tear you may not be so lucky. Insurance policies will also cover your legal requirement to pay damages to other people. If a tree, or a tile, or something else from your property falls onto the neighbour’s property and causes damage then your insurance should cover the costs of repair or replacement. In addition most insurance policies will cover you for the cost of alternative accommodation for yourself or for a neighbour if something like a tree falls and causes severe damage. There are a number of things that most insurance policies won’t cover as standard. Storm damage to gates, fences, sheds and other garden furnishings are unlikely to be covered, as is damage by frost. Insurance companies are not bound to pay for keeping a property in a good state of repair, therefore if you suffer damage due to bad weather that has been made worse by poor maintenance you’re unlikely to receive a full payout, or you will certainly have to argue for it. If a tile comes loose, therefore, and your attic suffers damage, you will have to field the costs. Wherever you live, regardless of the weather risks to which your house is exposed, home insurance is a vital commodity. However, many people are skimping on home insurance in the wake of the credit crunch. Insurance doesn’t have to be an expensive commodity, and even in the current economic situation online home insurance companies like Co-Op can help when comparing polices and quotes.
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