Accidental damage
This is unexpected, unintended damage. For example, spilling red wine on the carpet.
Legal protection
Covers any legal expenses (for example, lawyer fees) related to a claim.
All risks cover
Insurance that covers damage or losses for all events except those specifically excluded. Simply put if it’s not mentioned in your policy wording, it’s covered.
Limits
These are specific caps to the amount that the insurer will pay in a claim.
Average clause
This is common on standard insurance policies, if you claim and you are underinsured then the insurer can choose to reduce the payout in proportion to the amount that you are underinsured for.
For example, if you have £100k of contents and only choose £50k of cover, on a claim the insurer might decide that you are only 50% covered and therefore only pay 50% of the claim being £25k.
New for old
When the insurer pays the full replacement cost of an item, instead of reducing the claim to factor in wear and tear or depreciation.
Buildings
All permanent structures at the address including your primary residences, outbuildings, gates, and fences.
Personal Liability
Cover for when liability arises from someone injuring themselves at your home, or if you damage someone else’s property accidentally.
Employers Liability
Cover for when a domestic employee (for example, your cleaner) is injured in the course of their employment with you.
Rebuild cost
This is the total cost it would take to rebuild your home if it is completely destroyed. You can get a chartered surveyor to calculate an accurate valuation.
Endorsement
An official change or addition that changes your policy and its terms or conditions, that you are required to follow to ensure that your policy is valid.
Risk
The building or items that are being insured.
Excess
This is a specific amount that represents the amount that in the event of a claim you contribute first before the insurer pays the rest. It can be a compulsory or voluntary excess.
For example, if your excess is £500 and you claim £1,500, the insurer would pay £1,000.
Subsidence
When the ground moves downwards beneath a building.
Exclusions
These are specific conditions or events that are not covered.
Sum insured
The maximum amount that you are insured for in the event of a claim.
Fine art and antiques
Items with historical or artistic value like paintings, prints, sculptures, precious metal items and collections.
Trace and access
This is cover to find, access and repair a water leak, as well as repair subsequent damage to your home.
Heave
When the ground moves or swells upwards or sideways.
Underwriter
A person working at an insurer who calculates, assesses, and accepts business for an insurer. Sometimes insurance companies are referred to as underwriters.
Insurance Schedule
Accompanying your policy wording this sets out details of your specific cover and what you are covered for, it may include endorsements that supersede the policy wording.
Unoccupied
Homes that have not been lived in for over 45 days or are unfurnished.
Insurer
The company that receives your premium and pays the claims in accordance with the policy.
Valuables
High-value items like jewellery, watches, fur, guns and fine art and antiques.
Joint proposer
Someone you are insuring the property with, for example, your husband or wife.
Wear and tear
The reduction in value due to general deterioration and natural damage over time, that is deducted from claim payments. Purchase price – wear and tear = claim payment.
Land vehicles
Certain vehicles like quad bikes or Segway’s
