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In My Account, you have convenient access to various features to manage your policy efficiently. View and Manage Your Policy View Policy Details: Access a comprehensive overview of your policy, including all relevant details. Download Policy Documents: Retrieve and download your policy documents for your records. Add Optional Extra Cover: Enhance your coverage by conveniently adding optional extra cover to meet your specific needs. Request Cover Changes: Easily request changes to your existing policy, ensuring it aligns with your evolving requirements. Renewal Features At renewal, My Account offers additional functionalities: Review Prices and Cover: Evaluate the pricing and coverage details for your policy renewal. Request Cover Changes: If needed, request changes to your coverage to better suit your preferences. Add Optional Extra Cover: Explore additional coverage options and include them as part of your renewed policy. Change Payment Method: Have the flexibility to update your payment method for added convenience.

Understanding the concept of excess is pivotal in comprehending your home insurance policy. Claim Contribution An excess is the predetermined amount you are responsible for paying when making a claim. It signifies your financial participation in the insurance arrangement. Compulsory Nature Excess is a mandatory component, and every claim will have an associated excess amount. It ensures that policyholders share a portion of the financial responsibility in the event of a claim. Policy Specifics The exact excess amount is outlined in your policy documentation, providing transparency about your financial commitment per claim. Claim Resolution When a covered event occurs, the total claim amount is calculated, and you are required to contribute the excess before the insurer covers the remaining costs. Variability Excess amounts can vary between insurance policies and providers. They may also differ based on the type of claim being made. Financial Preparedness Being aware of your excess amount enables you to financially prepare for potential claims, ensuring you understand the upfront cost associated with each incident.

No legal obligation requires homeowners to secure contents insurance. The absence of a legal mandate, however, contrasts with the practical wisdom of obtaining such coverage. In the absence of a legal requirement, the decision to purchase contents insurance becomes a matter of prudence. Balancing Freedom and Prudent Protection At its core, contents insurance serves as a protective shield for your belongings, safeguarding them against unforeseen circumstances. Without this coverage, the process of replacing possessions following a total loss claim may pose significant challenges. Empowering Decision-Making for Comprehensive Safeguard Proactively acquiring contents insurance offers a comprehensive safeguard for your valued possessions. Intelligent Insurance provides tailored solutions, empowering homeowners to make informed decisions about securing their belongings. This approach ensures that homeowners can navigate the complexities of insurance coverage with confidence. Legal Freedom with Practical Preparedness: Flexible Choices for Total Loss Readiness While not legally binding, the practical benefits of contents insurance make it a wise choice for homeowners. As total loss scenarios can be unpredictable, preparing for such events by considering contents insurance ensures readiness to navigate potential challenges. Intelligent Insurance offers flexible choices, allowing homeowners to tailor their coverage based on their unique needs. Summary Contents insurance is not mandatory by law, but it is highly recommended to ensure homeowners can replace their belongings in case of a total loss claim, offering peace of mind and financial protection.

Key points: Market value is the price your home would fetch if you sold it today, it’s driven by land value, location, demand and overall condition. Rebuild cost is what it would cost to demolish what’s left, clear the site and rebuild the property to the same specification. Rebuild cost usually sits below the market value (though it can exceed it for listed or remote properties). Insurers base buildings cover on the rebuild cost, not the market value, get this wrong and you risk being under‑insured. Market value explained The market value is the figure a buyer is willing to pay on the open market at a given point in time. Land value, local amenities, school catchments and supply‑and‑demand trends all feed into it. Rebuild (reinstatement) cost explained Rebuild cost includes: Demolition and debris removal Site clearance and preparation Materials and labour to rebuild the structure like‑for‑like Professional fees for architects, surveyors and building regs approval Because it looks purely at reconstruction, it ignores land value and broader market sentiment. Why the difference matters for insurance Buildings insurance pays out on the rebuild cost, so that’s the figure to insure for. Over‑insuring wastes premium; under‑insuring could leave you thousands short in a claim. Use the free RICS BCIS rebuild calculator or commission a chartered surveyor if you’re unsure. Need more detail? See How do I work out my rebuild cost?.

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