Can I claim for water leak damage on my home insurance?

Water damage is one of the most well-known reasons for home insurance claims. As indicated by theaa.ie home insurance survey, water penetration claims are the second most significant insurance claim, following wind and hail damage.

Water leaks are a relatively common issue. Fortunately, most water leaks are minor, but more serious issues can be expensive to put right. Before you spend any money on water leak repairs, you should be clear about what expenditure is covered by your home insurance policy and what isn’t.

Should you always make an insurance claim?

Whether you should make a claim or not will depend on the nature and the extent of the damage to your home. If the damage is only minor and you’re able to fix it on your own, then it usually doesn’t make sense to file an insurance claim.

How to make a claim

If you’re going to make a claim, you should do so as soon as possible after you identify the issue. If you wait too long then it can ultimately jeopardise your claim, as insurers often reject claims that are filed too long after an incident.

The first part of the process is to document the incident. You should begin by taking photographs of any visible damage. Keep a log of every professional that you contact and make sure that you get documentation from them for any work that they carry out.

Trace and access cover

In some cases, especially where a leak is particularly severe, the presence of water will give it away. However, many leaks occur behind walls or under floors, or in other places where they aren’t immediately obvious. If you don’t know where your leak originates then you can’t begin to fix the issue. There are businesses like Pinpoint Trace and Access that offer essential trace and access services. They’ll locate the source of your water leak and provide you with the necessary paperwork for which your insurance company will ask.

Check the details of your insurance policy to see if it includes trace and access cover. If it does, then you can reclaim the costs of hiring a professional trace and access service like Pinpoint.

Avoid common mistakes

Other than waiting too long to file a claim, which will count against you with your insurer, there are a couple of other things that you should avoid doing in the interest of your claim. First and foremost, if your insurer determines that you could have prevented the leak from occurring to begin with, they’re likely to deny your claim. It’s therefore important that you look after your home’s plumbing.

You should also be aware that you cannot claim for general wear and tear. In order for your insurance to cover the costs of a water leak, there must be a single identifiable cause for it to have occurred.

If you only suffer a minor water leak and you’re able to easily solve the issue yourself, filing an insurance claim is probably overkill. However, before you start spending money on professional services to help you fix your leak, make sure that you check the terms & conditions of your insurance policy to see what is and isn’t covered.

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The beginner’s guide to life insurance

When taking out a life insurance policy, you’ll rely on the cover to offer stable financial protection to your family after your death. Needless to say, it’s best to do some research before choosing and committing to an insurance policy. This will ensure you’re receiving the best coverage possible at the best value. This post offers a guide to life insurance options, as well as throws in some tips on how to manage it.

Why should you take out life insurance?

Before choosing a life insurance policy, it’s recommended that you determine exactly why you need insurance coverage. Below are some examples:

#1: Buying a new home

Life insurance policy payouts can provide a partner or family assistance in paying off a property mortgage after your death.

#2: Having children

If you die before your children are adults, a life insurance policy payout can provide children with education and care while they are growing up.

#3: Leaving a legacy

Life insurance policies can offer any surviving relatives an inheritance upon your death. This is known as ‘leaving a legacy‘.

#4: The funeral costs

Some life insurance policies provide the remaining family members with a lump sum to pay for funeral costs.

How much coverage is suitable?

Typically, the more protection or coverage offered by the life insurance policy, the higher the premium rate. For instance, if you’re seeking to cover a mortgage, you should consider how much coverage you will need for this. Life insurance calculators can be used to clarify the amount.

If you’re looking to provide family members with a stable income after your death, it might be useful to determine the current expenses and consider any possible future costs. Weighing up these amounts can help you identify an accurate figure.

If you’re over the age of 50 and are interested in leaving a legacy for your family, or to help the family pay funeral costs, the policy coverage is dependent on what you can afford to pay regarding the insurance premiums.

How long should the insurance policy last?

When purchasing a life insurance policy, the coverage can last for a fixed length of time or for the rest of your life. Policies lasting a set period is known as a term. This is beneficial if, for example, you want to cover the house mortgage. Insurance policies to help with household expenses tend to last 25 years or less offering the family a financial safety net. Term insurance is often more appropriate than a long-lasing insurance policy.

If you plan on remaining healthy and outliving all of your relatives, then good for you! Unfortunately, term insurance has a disadvantage in that there is no payout if you live longer than the policy term. In this case, it may be worthwhile considering a different type of insurance policy. On the other hand, if you plan on taking out a policy with the aim of providing an inheritance, the whole-of-life insurance option could be a better choice.

Should the level of life insurance change with time?

If you choose to take an insurance policy out with the aim of covering a mortgage, the amount owed will fall as monthly repayments are made. So, it makes sense that the level of life insurance reduces with the loan amount. This is known as decreasing term insurance where premium rates are lower than the level term insurance. Level term insurance remains fixed through the policy term.

Should you obtain life insurance coverage for your partner?

In the majority of cases, the primary earner in a family would take out a life insurance policy. However, even if the individual’s partner earns less or is a stay-at-home parent, there can still be a serious financial impact if they die. If you have children, you may need to consider the costs of childcare and domestic work.

When taking out coverage for both partners, you could purchase a joint life insurance policy or use separate policies. The join insurance option will provide a payout on the first death but ends after this occurrence. Separate policies are more beneficial offering financial payouts when both partners die. This is considered an increased level of protection for people left behind. The second option can be more costly, but it’s worthwhile carefully comparing the different policy prices to see whether buying separate policies is the best alternative for your needs.

What are the other factors influencing the cost of life insurance?

In addition to the coverage of the insurance and how long it will last, there are several other factors to consider which can influence the size of the premiums. Below are the different factors to take into account.

• Your biological age
• Your level of physical health
• Your current lifestyle
• Your family’s medical history
• Hazardous hobbies and employment can influence the size of premiums. For instance, if you’re a mountain climber or pilot, the premium price can be inflated.

How is life insurance premium calculated?

• Reducing any effort and saving on tax
• A trust

The factors above ensure that your remaining family members may receive payment with the reduced hassle and low tax charges. Moreover, writing a life insurance policy in trust refers to the coverage being ‘ring-fenced’ outside other assets, such as investments, property and savings.

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Wednesday Wish: Getting back to normal!

This week’s Wednesday Wish has to be for a nice clean house – free from flood water, mud and mess!

We’re still recovering from the devastating floods which affected the Calder Valley in West Yorkshire.

We can’t wait to get on with straightening things out, but we’re currently in that awful limbo where insurers & loss adjusters question, examine, poke & probe. It feels like not much is going on. Builders are awaiting approval to start remedial works which is frustrating. There’s no washing machine, cooker or comfy sofa. And of course, with everything piled up in the bedrooms, we can’t find a thing!!

But we have to try & stay positive.

We actually managed to save so much stuff – anything that time or size allowed – lots of books, records, textiles, small pieces of furniture, items of sentimental value – and of course our beloved Fudge!

Hopefully kitchen units and appliances will be replaced by the insurers without to much argument.

The flooring might be a big job – and as for the garden, well – we won’t be winning a Chelsea Flower Show Gold medal this year.

But things will get sorted out over time. We’ll post a few updates in the coming months, but we promise not to go on about it too much!! Hopefully, we’ll have some interesting before & after shots to share. We might even ask for some second opinions about potential replacement items.

We have to say thanks for all your kind words and well wishes over the past few days. We’ve experienced many examples of the best side of human nature recently.

H is for Home Harbinger

Tag: insurance