Page 20 - ESPC Magazine - September2021

EXPERT ADVICE

BUYING A HOME?
ENSURE YOU’RE INSURED.

Alexandra Richards from Bruce Stevenson Insurance Brokers explains why
it is important to prioritise the purchase of insurance when buying a home.
Good, appropriate, accurate and flexible home curtilage). This is your ‘building sum insured’
insurance is essential if you want to have a and can be a very different figure to the
positive claim result. You don’t want to get market value.
caught out because you haven’t disclosed
relevant information or adhered to any specific Bruce Stevenson Insurance Brokers can
policy terms and conditions. Remember, an provide you with an indicative premium
insurance policy is a document that details the based on the rebuild value of your potential
terms and conditions of a contract. new purchase so that you know what your
insurance costs might be.
It is advisable to consider insurance early in
the home buying process. However, it is often It is very important to get your rebuild value
an afterthought and buyers can be surprised correct. Your home is likely to be your most
or frustrated when they find it difficult to valuable fixed asset. Some home insurance
procure insurance at a time critical moment. policies apply the ‘average clause’. This
means that if your building sum insured
Below are some circumstances that may is below the correct value to rebuild it
affect your insurance purchase: at the time of a claim, the insurers will
• Renovations proportionately reduce your claim payment
• Leaving the property unoccupied by the percentage of underinsurance. This

• Listed or Graded status can also be applicable to the contents.
• In a subsidence area
• In a flood area If you would like a home insurance
quotation please contact:
• High rebuild value alexandra.richards@brucestevenson.co.uk
• Air BNB or other letting or call 07464 545648

MARKET VALUE V REBUILD VALUE
For insurance purposes you need to know
what it would cost to rebuild your home (this
should include all the structures within your

ESPC.COM 21