Is Your Property Fully Insured?

by Chris Spann
(MoneySupermarket.Com)

Are you covered for every eventuality!

Is your property fully insured? Hopefully, if you’re reading this you’ll be smart enough to be able to honestly answer ‘yes’ – and by fully, I mean both buildings and contents.

If you answered ‘no’ to that question and rent a parking space out to someone, then read on to find out why that’s a really bad idea…
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1.5 million homeowners in the UK do not have proper home insurance – That’s both buildings and contents, in case you were wondering – and one home in sixteen is lacking either one or both.

Worse than that, if you look solely at 18-34 year olds, that figure doubles to 1 in 8. Three quarters of a million only have buildings cover, half a million only protect their belongings, and quarter of a million homes have no insurance whatsoever – Leaving them wide open to a whole number of disasters, and those who allow people to park on their property possibly face further complications.

Of course, this is absolutely inexcusable when you consider that taking five minutes to compare home insurance shows that the average British home insurance policy costs less than £20 a month – And considering the costs the cover protects you for, that small outlay is well worth it.

For example, the most common home insurance claim made is for paint spilt on carpets, which costs in excess of £1000 on average – And if you’re allowing someone to park on your property and they injure themselves and sue, the costs you could incur could be practically innumerable.

On average, full home insurance costs around £164 a year, which is around £14 a month. Of course, this can vary (Some areas are as cheap as £100, whereas others are as high as £300), and those who choose to rent parking spaces should check with any insurer that doing so does not affect their policy – some providers consider you a landlord of sorts if you rent out your property, and as such it can seriously change the terms and conditions of your policy.

This is hugely important because as previously mentioned, should somebody injure themselves on your property, they could sue you and your insurer may choose to simply not pay out!.