Accident of the month:

I know someone who bought a new build detached house and was protected by an NHBC guarantee... or so they thought. 

When subsidence started to occur they didn’t realise and they thought the cracks in the wall were the result of plaster settling, as can happen. 

When the cracks got bigger, they called in the NHBC to look at things. Needless to say they didn't exactly jump to the rescue,  and instead offered to merely observe the problem. When the cracks migrated from the ground floor to the first floor the house owners decided to get their own assessor in to take a look,  because no one will know bull better than someone who may have been trained in writing it themselves!!!

In short if you have to claim don’t get upset, it gets you nowhere, just accept that it may speed things along hugely to get your own person in and start to make things happen. We go to a doctor to get healthy, we use electricians and plumbers for their expertise... don’t be your own assessor or claims handler. Always keep receipts and accept it's right to pay for your own assessor to work on your behalf. Yes it might cost but do not simply rely on your insurance company alone to come up with the goods. Many a time, they still need one massive great push to realise they are providing you with a service.

Why bother with Insurance?

With premiums going up almost at the same rate as exclusions from cover are it's hard to feel that you are getting any value for money.

Insurance companies will offer you say, £200k worth of cover for £150 a month. Bearing in mind that’s not the valuation of the building but the cost to simply rebuild it. Remember an awful lot of properties cost nothing like that to rebuild, or even then if the rebuild was £100k isn’t it worth the peace of mind to have that protection?

Well first of all it’s a no brainer, but where the issue comes in is where the insurer doesn't take into account any emotional distress cause by the whole claim process. Should that matter to you the buyer of that policy? Absolutely and you need to understand the nature of insurance to appreciate that what you see is not what you get.

Look at those who were flooded out in the flash floods of a few years back, some are still living in caravans!!

What I am trying to put across is that you shouldn't rely on your insurance company to respond quickly, you must assume they will seek to blame anything from an Act of God to anyone else except themselves for your problems, possibly even you!! You need to put in whatever protection you can after all it’s your property and you paid a lot of money for it. 

So for sure it’s right to buy buildings insurance, as it is with many other types or insurance that you may need; but please remember this: do so knowing you will incur an excess, always read the exemptions, and check with your friends what they have heard about the Insurance company, not just what the adverts show you on TV or in the press. Don’t just rely on comparison sites, they get paid each time you buy insurance by the provider or even quote for it. 

Nothing beats the recommendation of someone you know, and please don’t forget that service and price can’t be ignored in what to look for.

At Trident Insurance we are not an Insurance company, WE ARE YOUR BROKER and we care to make sure you are looked after and get the best deal on price and cover. You can trust us to tell you how it is, and not pussy foot about! 

Finally, please be sure you know what you are looking to cover, and don’t fall for add-ons that you don’t need. I’ve said it before, it’s your hard earned money and you deserve good value and service, we respect that and believe we give you the best there is. 

Wishing you a very Merry Christmas and a Happy and Healthy 2013 

Sincerely

Robert D Marshall FCSI – Chairman

Direct Line: 020 8911 1405 

E-mail robertmarshall@aic.uk.net