2014 - Coach House Insurance
If you are searching for a home insurance policy, you need to make sure you know exactly what you are doing. There are many things to know about the process, and there is ample opportunity for mistakes if you don't know what to ask for. Here are some mistakes you do not want to make:
Forgetting to Insure Your High Value Items
One of the biggest things that many people overlook when purchasing home insurance is covering their high value items. Many policies will cover your actual house structure as well as a certain percentage of your property like your furniture, clothing, and electronics. However, if you have items in your house that are extremely high in value, such as expensive furs or rare artwork, you may need to purchase additional coverage to ensure that these items are protected.
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At the risk of stating the obvious, a condo is very different from a house. Nevertheless, both types of property must be insured. While it might seem counterintuitive that condo insurance is more complicated than homeowner's policies, since the former is smaller, it's actually quite true. Between dealing with the building association, the building's master policy, and other residents, it's not as straightforward as a simple homeowner's policy. Check out these tips to keep in mind when shopping for your condo insurance.
1. Find Out What the Master Policy Covers First
When you pay your condo association dues, you're throwing your money in with all the other owners to collectively insure the common areas of the building. This is called a master policy. Before you sign on to a personal policy for your own residence, investigate the terms of the master policy and find out exactly what you're already paying for so that you don't pay for double coverage unnecessarily. There are two main types of master policies: bare walls-in or all-in. Bare walls-in policies cover everything to do with the building's actual structure, but nothing within the unit itself. All-in policies can cover certain fixtures inside the unit, such as lighting or flooring. Bare walls-in master policy owners will need a higher rate of individual insurance than those who hold an all-in master policy.
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The free holder of the Coach House property will need to protect his/her Legal Liability with regards to the leasehold contracts. This forms part of a Buildings Insurance product, but with so many Insurers not covering Coach House's it can be quite frustrating!
The Secret is to contact Insurance brokers, who have access to bespoke products and 'niche' insurance products. Online panels do not include options for Coach House property's, leaving some homeowners in complete despair!
It can be tempting to insure a Coach House as a flat, and this is all very well - except when you come to claim. Insurance Companies are a business like any other, and having incorrectly set up your insurance policy and paid a cheaper premium (flats cost less to insure) than you would have done had you declared the building a coach house with a freehold/leasehold arrangement, your claim would be declined. It would be rejected as 'Non-Disclosure'.
