Simplifying insurance terms for better protection

Wear and Tear

Wear and tear refers to the gradual damage occurring over time, which could be prevented through regular maintenance. It is the most common reason claims are rejected.

Should an unexpected event like a storm cause damage to your property; the claim will not be accepted if a pre-existing issue is found to have contributed to the damage.  

Similarly, breakdown of appliances and everyday items, such as TVs, ovens, washing machines, glasses or dentures is not covered, as these naturally wear out over time.

 

Portable Possessions

Portable possessions cover is an optional ‘add-on’ to your home insurance. It protects valuables, such as laptops, phones, glasses and jewellery against loss or damage when you’re away from home. Without it, your policy will only protect belongings inside your property.

 

Perils

We have a set of specific circumstances we cover called ‘perils’. These include fire, theft or storms and are listed within your policy documents. Always check which perils are included or excluded, as this determines what can be claimed. 

 

Storm Cover*

Where storm cover is included in a policy it relates to damage caused by a specific event. This usually involves violent winds, often accompanied by rain, hail or snow. Rain, hail or snow by itself can also constitute a storm where there are high volumes in a short period of time or is extreme.

 

A building in a good state of repair should be able to withstand normal weather conditions. Cover excludes damage to buildings in poor condition or damage caused gradually by wear and tear.

With named storms becoming more frequent in recent years, including cover for storm damage to your buildings is an essential part of protecting vital assets.

 

*Storm cover comes as standard on our commercial property, let property and home property insurance policies.

 

Policy Schedule

A policy schedule is a personalised summary of your insurance. It outlines your cover, limits, excesses, exclusions, and premium, as they apply to you.

It should always be read together with the full policy document to make sure the cover meets your needs.

 

Sum Insured

The sum insured should reflect the true value of what you’re insuring. If it’s too low, you could be at risk of underinsurance. It is the maximum amount we pay out for a claim, although the final payout depends on your policy terms, limits and excess.

 

Building Valuation Tool

To help make sure you have the right cover in place, we’ve developed an in-house building valuation tool. The tool helps to calculate the rebuild value for farm and residential buildings and ensures you are not at risk of underinsurance.

Increasing the insured sum on a policy to secure adequate cover may come with a small additional cost but it is invaluable in preventing being left out of pocket if or when the worst happens.

To discuss your current level of cover, talk to your local Field Insurance Advisor, or call our Member Services team on 01872 277 151.