What are the different sections of a home policy?
The main sections of a home policy are Buildings, Contents and All Risks. The Buildings Section covers the cost of rebuilding your home including masonry, water and electricity, tiling, paving, apertures, bathrooms and any fixtures and fittings that you would leave behind such as fitted kitchen cupboards, air-conditioning units and satellite dishes. It excludes the value of the land, resale profit or goodwill of the postcode.
The Contents Sections covers movable objects such as clothing, furniture, soft furnishing, appliances and electronic equipment.
The All Risks Section covers personal possessions which are usually worn such as watches and jewellery and these may be insured for use within the Maltese Islands only or to include overseas travel.
Is my liability as a home owner covered?
The policy covers your liability for third party property damage or injury arising out of you owning or occupying the insured residence. The policy also covers your and your resident family members’ liability to the general public. This means that the policy would consider claims for losses emanating from within the insured premises and spreading to adjoining premises, such as the explosion of a gas cylinder in your house damaging a neighbour’s property and it would also cover you if your son accidentally breaks an expensive vase in a gift shop whilst accompanying you on a shopping trip.
What happens if I discover a leaking pipe?
The cost of identifying the leak and rectifying it are covered by the policy as long as the cause is not wear and tear. This will include the costs to repair any water seepage damage to third party properties and to your own. It will also include the replacement of any tiles that necessitated removal to access the leak. Most policies however have a pair and set clause that limits cover to the tiles or sanitary ware that were damaged even if these form part of a set and no matching alternatives can be found. In many instances underwriters will consider alternative options of settlement but do check with your broker in so far as to any limitations in your policy.
Is accidental damage covered under a home policy?
Most policies are on a named perils basis meaning that they will cover you against a prelisted set of perils contained in the policy. These would usually also include accidental damage to sanitary ware and electronic equipment. Some policies also have the added option of buying full accidental damage that would cover the rest of the contents on an All Risks basis.
Is there a No Claims Discount on home insurance?
No. It is not practice for insurers to allow a No Claims Discount for home insurance. The rates charged for this insurance are generally very competitive without the need to apply a further discount.
Should I notify my insurer if I leave the house unoccupied?
Your policy may contain specific restrictions on how long the insured residence may be left unoccupied and warranties that would need to be observed should the house be left unoccupied such as the turning off the mains and gas at source, weekly visits by an appointed caretaker and redirection of mail to avoid raising suspicion of unoccupancy from accumulated mail in the letterbox. An additional premium may also apply. It is therefore in your best interest to inform the underwriters of any material changes that may affect cover and unoccupancy should be notified.
Is power surge damage to electronics covered?
If the power surge is caused by a lightning strike then the policy will take into consideration such damages. However, if the damages are attributable to fluctuations in electricity caused by your electricity service provider than this may not be covered and you would have to recover these damages from the electricity supplier.