How do I know how much to insure my buildings for?
Naturesave Buildings Insurance premiums are calculated on the amount it would cost to rebuild your house. This is sometimes referred to as the reinstatement value. This is different from the market value of your property.
If you have a mortgage, the valuation survey will usually state the value they wish the property to be insured for. If you are unsure of the reinstatement value of your house, you can calculate it by using the calculator on the BCIS website at ABI / BCIS Residential Rebuilding Costs.
Alternatively, you ask a reputable builder or surveyor to estimate the rebuild cost for you. It is important that you do not underinsure your property as this could lead to proportionate claims settlement. Any estimate of the rebuilding/reinstatement cost should be obtained in writing.
How do I find out the value of my contents?
Your contents should be insured for the amount they would cost to replace as new. Use this Calculations of Sums Insured (excel file) to help you estimate the replacement costs of your property. It is important that you do not underinsure your contents as this could lead to proportionate claims settlement.
What is 'proportionate claims settlement'?
If you insure your property for less than its replacement value and then make a claim, the insurer may only pay a proportion of the claim depending on the difference between the amount you insured the property for and the cost of its replacement.
For example, if you insured your contents for £15,000, and then claimed £5,000 following a break in, the loss adjustor sent by the insurers to assess the claim could conclude that the actual replacement value of your contents was £30,000. As you had only insured half your contents, only half the amount claimed would be paid, which in this example would be £2,500.
This also applies to the buildings sums insured.
What is 'Accidental Damage' cover?
Accidental damage, caused by you or members of your family who live with you, is any sudden and unforeseen damage to your buildings or contents over and beyond the basic cover provided – for example, putting your foot through the ceiling when working in the loft; dropping a can of paint on the carpet or burning a kitchen work surface with a hot pan.
Standard cover provides accidental damage cover to ceramic hobs, sanitary ware, solar panels, fixed glass and double glazing under the buildings insurance; and accidental damage cover to mirrors, fixed glass and glass in furniture, ceramic hobs, sanitary ware, televisions, audio and video equipment and home computers under the contents insurance.
Additional accidental damage cover is available for an extra premium on both buildings and contents insurance as an optional extension.
Are carpets part of the buildings or contents?
Carpets, even fitted carpets, should be included under contents insurance.
What are 'Baggage and Personal Effects'?
Baggage and Personal Effects are things that you would take out of the house on a regular basis, such as your handbag, wallet, spectacles, overnight bag, holiday luggage. The minimum sum that we can insure for Baggage & Personal Effects is £1,500. The excess payable on unspecified Baggage & Personal effects is £25.00. Cover is worldwide.
If you have items of value, such as a laptop computer, MP3 player, video or still camera etc, these can also be insured away from the home (worldwide) and should be itemised. Any items that are listed separately are not subject to an excess should you need to make a claim.
How do I make a claim?
If you need to make a claim under your household insurance, call Naturesave on 01803 864390 as soon as possible. You will need to complete a claim form and send it to Naturesave, together with the original receipts/evidence of ownership and/or estimates for repair to substantiate the claim.
Am I covered for burst pipes?
If you have buildings insurance, you are covered for the damage caused by escape of water as a result of a burst pipe, such as replastering and redecorating and for damage to contents if you just have contents insurance but, unless the cause of the burst pipe was a recognised peril (eg. frost, weather events, etc), then the cost of repairing the pipe will not be covered.
How can I pay my premium?
We can accept payment by cheque, direct debit, credit or debit card or direct bank transfer (BACS).
Please note that payment by direct debit incurs an interest fee and payment by credit card includes an administration cost.
If I cancel my policy during the policy period, am I entitled to a refund?
Yes. You can cancel at any time during the policy period and you may be entitled to a refund of the remaining policy premium.
Can you cover my house if I rent it out?
Yes, we are able to cover most rented properties, but you will need to inform us before you do so. Additional terms and clauses will apply.
All my furniture is second hand. Can I insure it for less to take account of the fact that I would only replace it with other used furniture?
No. Our contents cover is for the full cost of replacement as new. In the case of antiques and specified valuable items, for the agreed values.
Can I add things to, or take things off, my policy half way through?
Yes. You can make amendments to your policy at any stage during the policy period. You may have to pay an additional premium (or be eligible for a refund in your premium). Just call Naturesave on 01803 864390 to make any adjustments you want to make.