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SJB Associates Independent Mortgage and Protection Advisers
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Buildings and Contents Insurance

Key areas

  • Buildings Cover
  • Cover for Contents and personal possessions
  • Buildings & Contents combined
  • Cover for items away from the home

You need to consider two kinds of household insurance policy. Buildings insurance, which covers the structure of your home and any fixtures and fittings, and contents insurance, which covers all the furniture, furnishings and the like in your home. In fact, it covers anything you would take with you if you moved. The sum insured under a buildings policy must be the full rebuilding cost of your home.

Both types of policy include an important 'liability' section. This pays for compensation if you are successfully sued, as well as covering you against a long list of 'risks', typically:

  • Fire, smoke, explosion, lightning or earthquake
  • Riots, civil commotion, labour and political disturbances or strikes
  • Malicious damage or vandalism
  • Storm or flood
  • Impact or collision
  • Subsidence or heave
  • Escape of water or oil
  • Theft or attempted theft

Accidental Damage is a valuable extension to your Buildings & Contents cover and covers visible damage that has not been caused on purpose or inevitability. For example, the accidental breakage of a window or mirror. You can include Accidental Damage to your policy, for an additional cost.

Personal Possessions Cover

Personal Possessions is a valuable extension to contents cover and insures clothing, baggage and articles of personal use which are normally carried by you and/or your family away from your home. This includes cover for jewellery, spectacles, binoculars and telescopes, mobile telephones, keys, pedal cycles, sports equipment and cameras. They are covered anywhere in the world, but please note that this is not an alternative for proper travel insurance .

No Claims Discount

If you have held a previous insurance policy, some insurers will enable you to transfer the No Claims Discount from your previous insurance provider for both Buildings and Contents Insurance. We take this into account when comparing prices.

If applicable, the No Claims Discount increases in line with your claim-free history, up to a maximum of 5 years (30% discount on your insurance policy). First Time buyers are automatically offered an introductory No Claims Discount of 2 years (15% discount on your insurance policy)

We have access to a panel of well known insurers with very competitive rates.

 Glossary - an explanation of terms that you may come across

  • All Risks - loss by just about any means, although there are some exclusions.
  • Excess - the first part of the claim that you have to pay.
  • Exclusions - items or occurrences that are not covered by the policy. 
  • Duty of Disclosure - A common law duty disclose to the insurer any material fact that would influence the insurer in accepting or declining a risk, or in fixing the premium or terms and conditions of the contract.
  • Endorsement - Documentary evidence of a change in the wording of a policy.
  • Ex Gratia - A payment made by an insurer to a policy holder although there is no legal liability to pay.
  • Indemnity -  The principle of indemnity is to try to place the insured in the same position after an insured loss as applied immediately prior to the event.
  • Insurable Interest - For an insurance contract to be valid the policyholder must have an interest in the insured item to the extent that it's death, damage or destruction would cause him loss. This is called the insurable interest and must exist at the time the policy is taken out and also at the time of loss.
  • Liability Insurance - Insurance of liabilities due to third parties arising most commonly from human or mechanical error or oversight resulting in bodily injury and damage to property.
  • Litigation - The court proceedings ion connection with a lawsuit
  • New for Old - Where insurers agree to pay the cost of property lost or destroyed without deduction for depreciation.
  • Non Disclosure - The failure by the insured to disclose a material fact or circumstance before acceptance of the risk.
  • Risk - A term for either the peril insured against, or the subject matter of insurance, or the uncertainty of possible loss.
  • Schedule - The part of a policy containing information peculiar to that particular risk. The greater part of a policy is likely to be identical for risks within a class of business covered by the same insurer and this information is contained in the policy document, while the schedule contains the variable information.
  • Subrogation - The right of an insurer to stand in the place of the insured and exercise all rights and remedies available to the insured, whether already enforced or not.
  • Third Party - A person claiming against the insured. In insurance , the first party is the insurer and the second party is the insured
  • Underwriting - Assessment of a risk and the terms on which it can be accepted. 
  • Utmost Good Faith - Both parties to an insurance contract have a duty to disclose, clearly and accurately, all material facts relating to the proposed insurance. Breach of this duty by the proposer may entitle the insurer to repudiate liability. Sometimes referred to by the Latin expression "uberrima fides".
  • War Risks - The perils of war, civil war and related perils that are regarded as the responsibility of the state rather than the insurer. 
                                                                                                                                                 

SJB Associates is a trading name of Steven James Ball, who is authorised and regulated by the Financial Conduct Authority and is entered on the FCA's register on their website (www.fca.org.uk) under reference 572665.

This website and its contents are intended for UK consumers only and is subject to the UK regulatory regime.     

 

     
 

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