Specialist insurance savings
07 August 2012It has been over a decade since mortgage lenders lost the right to lock their customers into deals specifying where they could get insurance cover, but are customers any better off today?
Specialist insurance savings
Specialist insurance savings
At the time it seemed like a landmark decision, but even today it is hard to find reasonable non standard construction home insurance. Many people find themselves in situations where they simply can't get a mortgage at all, because they can't find an insurer willing to cover their non-standard purchase.
The monopoly of mortgage
The monopoly that mortgage lenders held has long since been opened up, but still there remains a shortage of non-standard insurance providers to take up the slack. Mainstream insurers will often refuse to offer modern construction home insurance to homes that deviate from the standard brick/stone wall and tile/slate roof construction. It might be reasonable to believe that the change has been less help than hindrance to home buyers, but is that really the case?
Risk assessment
When we review the situation in the past, we will remember that policies provided as part of mortgage agreements were often overly costly and frequently failed to cater for the specialist needs of a non-standard property. The risk assessment applied by a standard insurer to a non-standard risk may not be informed by the expert knowledge required to calculate a fair quote. This results in the loading of premiums unnecessarily and leads to overly expensive modern materials home insurance.
A special provider
Taking out insurance cover from a specialist provider means that you will be buying from an insurer who knows how to calculate the risks relevant to your home, no matter how it is constructed. Only a specialist insurer possesses the expert knowledge required to make sure you only pay for the cover you actually need. Specialist insurers often ask more detailed questions about the nature of your home's individual construction, so they can tailor a non standard construction home insurance package to your needs.
Whether you live in a thatched cottage, or a modern build home made from wood or concrete, you are likely to have difficulty getting cover from a standard insurer. When you seek cover from a specialist, however, it is more likely that you can find what you need. Modern materials home insurance often covers different risks, that might not apply with standard property insurance, so you can be confident that you have the cover that's right for you.
Insurance
With HomeProtect you can find the modern construction home insurance you require, even if you have been turned down by other insurers. We specialise in delivering competitive online quotes for non standard construction home insurance to anyone who needs it, making sure that you can get the best deal no matter what your home may be made from.
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