Home Insurance

An overview of our standard insurance cover

Buy your Buildings & Contents Insurance with Lets Glasgow, who can establish your demands and needs and recommend the most suitable product for you.

You have a choice of Insurance options including:

Buildings only cover
Contents only cover
Buildings & Contents combined

Buildings & Contents Insurance can be taken out by new and existing mortgage borrowers. We provide Buildings insurance up to a maximum of £300,000 and Contents insurance up to a maximum of £40,000.
Subject to the standard policy conditions (and sum insured limits) you are covered if your building and/or contents are damaged by:

Fire, smoke, explosion, lightning or earthquake
Riots, civil commotion, labour and political disturbances or strikes
Malicious damage or vandalism
Storm or flood
Impact or collision
Subsidence or heave
Escape of water or oil
Theft or attempted theft

Buildings Insurance

Buy your Buildings Insurance with Paymentshield through your financial intermediary
You have a choice of Insurance options including:

Buildings only cover
Contents only cover
Buildings & Contents combined

Subject to the policy conditions, we will meet the cost of returning the building to its normal condition (up to the maximum sum insured of £300,000)

Bedroom rated policy so no need for you to calculate your sum insured
Alternative accommodation cover is provided
Includes personal liability cover up to £1 million
Accidental Damage to Buildings (at an additional cost)
If you require cover above £300,000 then buildings cover can be increased up to a maximum sum insured of £500,000 with Buildings Extra (at an additional cost). Buildings Extra is automatically included for any properties containing 7 or 8 bedrooms.

Contents Insurance

Buy your Contents Insurance with Paymentshield through your financial intermediary
You have a choice of Insurance options including:

Buildings only cover
Contents only cover
Buildings & Contents combined

Subject to the policy conditions, we will meet the cost of either replacing or repairing your contents (up to a maximum sum insured of £40,000). Where possible damaged possessions will be replaced as new.

Bedroom rated policy so no need for you to calculate your sum insured
Covers replacement of freezer contents
Covers replacement of external locks
Covers office equipment if you work from home (up to £4,000 in total)
Covers pedal cycles
Covers personal money
Accidental Damage to Contents (at an additional cost)
Personal Possessions cover can be added up to £10,000 (at an additional cost)
If you require cover above £40,000, then contents cover can be increased up to a maximum sum insured of £60,000 and personal possessions cover can be increased up to £15,000 with Contents Extra (at an additional cost).

Home Emergency Cover

The first 12 months cover is provided FREE OF CHARGE from the policy start date and then a 50% discount is available until the second policy anniversary.

This cover provides assistance if you have a home emergency.

Subject to the policy conditions, we will provide cover for a sudden event that was not expected which needs immediate action up to a maximum sum insured of £500 (including VAT) in respect of:

Call out, material and labour charges of an appointed qualified workman
Overnight accommodation and/or transport to the accommodation up to a maximum of £100 (including VAT)

Legal Expenses Cover

The first 12 months is provided FREE OF CHARGE from the policy start date.

Subject to the policy conditions, we will meet the cost of your legal expenses up to a maximum sum insured of £50,000 in respect of:

Employment disputes
Contract disputes
Bodily Injury
Property Protection
Tax Protection
Legal Defence

We may also contribute to the cost of lost wages whilst you are on jury service.

No Claims Discount

If you have held a previous insurance policy then your No Claims Discount can be transferred from your previous insurance provider for both Buildings and Contents Insurance.

The No Claims Discount increases in line with your claim-free history, up to a maximum of 5 years (30% discount on your insurance policy)
First Time buyers are automatically offered an introductory No Claims Discount of 2 years (15% discount on your insurance policy)

Personal Possessions Cover

Personal Possessions is a valuable extension to contents cover and insures clothing, baggage and articles of personal use which are normally carried by you and/or your family away from your home. This includes cover for jewellery, spectacles, binoculars and telescopes, mobile telephones, keys, pedal cycles, sports equipment and cameras. They are covered anywhere in the world, however, this is not an alternative for proper travel insurance.

This does not include any item used for your trade or profession except business equipment, e.g. laptops.
You can add Personal Possessions cover up to a maximum of £10,000, for an additional cost, as long as you have Contents Insurance with us.

Specifying Valuable Items

If specified on your certificate of insurance, the most we will pay for any individual item is £15,000.

The most you can claim for any individual item is £5,000 unless the item is specified on your certificate of insurance . We will require a receipt, original valuation or suitable proof of purchase at the point of claim for any item that exceeds £250 in value.
You can only claim up to £1,500 per item for jewellery, gold and silver articles, furs, clocks, watches, pictures, other works of art, sculptures and collections of stamps, medals and coins unless they are specified on your certificate of insurance. We will require a receipt or valuation for these items in the event of a claim.

Accidental Damage

Accidental Damage is a valuable extension to your Buildings & Contents cover and covers visible damage that has not been caused on purpose or inevitability. For example, the accidental breakage of a window or mirror.
You can include Accidental Damage to your policy, for an additional cost.

Making a Claim

The benefit of your insurance policy with Lets Glasgow is the service given to you when you most need help. Our partners aim to provide an efficient and understanding claims service and to process all claims within 30 days of receipt of your fully completed claim form.

Best home insurance

Your home is likely to be the biggest asset you will ever have, so protecting it against disaster makes perfect sense. In fact, if you have a mortgage you won't have a choice - your lender will require you to have insurance to cover the cost of rebuilding your home in the event of a fire or other crucial damage.

You do have a choice about the other aspect of household insurance - known as contents cover. But failing to take out adequate insurance for your personal property could easily prove to be a false economy if you are robbed or suffer damage to your home.

Buildings Insurance

Lenders demand that you buy buildings insurance to protect your property against serious damage, such as the house collapsing! In fact lenders often do their best to sell insurance when you take out a mortgage, but most borrowers would find a cheaper deal by shopping around. This is particularly easy to do through on-line brokers and insurance companies.

Buildings insurance protects the structure of your home, as well as permanent fixtures and fittings such as baths, toilets and fitted kitchens, bedroom cupboards and interior decorations. Simply, the insurance usually covers those items that won't be taken away when you move home.

You should get enough cover to pay for the cost of rebuilding your home, which may bear no relation to the actual worth of your home.

Contents Insurance

To get cover for your household possessions such as televisions, videos, carpets, and furniture, you'll need to consider contents insurance. Most policies will cover you for fire, flood and theft and many will also pay out for accidental damage, such as if you spill a drink down the back of your TV!

To work out how much cover you need, it's wise to do an inventory of your possessions. This is simple - just go from room to room and write down all the items in it. Then work out how much it would cost to replace each item on your list. Add it all up and you'll have a very good idea of just how much contents cover you'll need.

Particular items may need to be insured separately as most policies will have limits on payouts on individual items. Jewellery or expensive electrical equipment may fall into this category.

It's important to get the right cover for your own needs so don't be shy about asking exactly what insurance you are being sold. Also it's crucial to read the small print to find out what exclusions there are. Many a decent insurance claim has foundered because policyholders failed to read the small print. And there are plenty of insurers who will use the small print to wriggle out of payouts, too!

If you are unhappy about any exclusions, take it up with the insurance company at once - waiting until you need to claim will be too late!

Home & Contents Insurance Explained

One of the biggest problems with household insurance policies is under-insurance, with many people not having a clue about how much their possessions are worth. If you insure your contents for less than their true value, you're likely to get a reduced payout if you make a claim.

1. What's it worth?

Most insurance companies work out how much cover you need according to the number of bedrooms in the property. However, it's a fairly rough calculation, and it's well worth drawing up your own list and working out how much it would really cost to replace your possessions. You could well be surprised by the result. And don't forget to review the amount every year, even if your policy is index-linked.

2. Don't pay twice

With policies offering a range of extras, you could find you're paying twice to insure the same items. For example, if you opt for all-risks cover, you're unlikely to need to insure your baggage when you travel, as it will already be covered. Similarly, it's possible to insure an item such as a mobile phone through your contents policy (rather than buying a separate one). But be aware that some policies will only cover your phone if it's damaged in your home. So if you lose it while you're out, you may have to pay for a new one yourself.

3. Buildings or contents?

If you use different companies to insure your house and its contents, or if you live in a flat where there's one insurance policy for the whole building and individual policies for its contents, you may find some confusion over which company has insured what. A useful guide is if you're claiming for fittings that you could reasonably be expected to take with you if you were to move, it should be covered by your contents insurance. If not, it comes under your buildings policy.

4. Shop around

Not all insurance companies charge the same, so it's worth shopping around. If you bought your policy from your mortgage lender, you're probably paying up to 30% more than you need to. Your lender will usually charge you a fee (about £25) if you want to switch insurers, but that should be more than offset by the savings you make. Some insurers will pay this fee if you switch to them.

5. Not all policies are the same

Make sure you get one that suits you. A standard policy will insure you in the event of fire, theft, flood, etc, but won't cover you for everything. An all-risks policy will also include cover for accidental damage, or losing valuables while away from home.

6. New for Old

There are some more obscure policy clauses as well. For example, if your kitchen flooded and half the units had to be ripped out to get to the cause of the flood, you could have to pay for the cost of gutting the kitchen. If your policy includes a clause called 'seek and find', the insurers will pay. If you insure your contents on a new-for-old basis (otherwise called replacement as new), you'll be paid cash to enable you to replace your belongings, or get them repaired. Many policyholders are dismayed if their insurance company only offers to pay for a repair - but you don't have an automatic right to get everything replaced. If you've taken out an indemnity policy, your claim settlement will take account of wear and tear.

7. Adjusters and assessors

If you have a claim of any substantial size, your insurer is likely to send out a loss adjuster. They are not independent, but are there to represent the insurance company's interests. A loss assessor* will represent your interests, dealing with the insurance company on your behalf. They are usually paid on a commission basis. The more money they recover, the more you pay them. Because they work on a commission basis, insurance companies tend to be dismissive of assessors' work, but if your claim is a reasonable size (at least £10,000), it may be worth contacting one.

8. Discounts

Around half the insurance companies offer a discount if you don't make a claim, often 10% after three claim-free years, rising to a maximum of 35% after five years, although you'll lose the lot if you make a claim. Many will also give you a discount if you've fitted deterrents, such as window locks and an alarm, although the locks have to meet the insurer's specifications, and your policy may specify when your alarm has to be switched on. If you're aged 50 or over, you'll also qualify for a discount on your policy. There are specialist policies aimed at older people, but most companies will give you this reduction.

9. Working from home

If you're working from home, you must tell the insurance company. It is possible to insure your computer or fax with an ordinary home contents policy, either free of charge or for a small premium. But be aware that if your computer is insured for business use through a household policy, you'll only be paid for loss or damage to the computer, not for any knock-on effects that may affect your work. If you need more comprehensive insurance, you should contact a specialist company

Buy to let home insurance

What is a Buy to Let mortgage and when can it be used ?

A Buy to Let mortgage is a loan made available to you (or a business) to purchase a residential property which you will not live in but will rent to a third party.

Do I need Buildings & Contents insurance?

It is essential to have Buildings insurance on your property, to protect it from an unexpected disaster such as flood, hurricane or subsidence. Most lenders make it a condition of the mortgage that you have buildings insurance
Contents insurance is a personal choice. It is up to you if you want to protect your possessions inside the property if it is let fully furnished. You may find that buying the two policies together will be the cheapest way to insure your home.

home buildings insurance

What does Home buildings insurance cover?

The definition of home buildings insurance cover is insurance that covers anything structural within the building. This can also include subsidence as this affects the foundations of the building

What the insurance covers is less clear. Each company provides slightly different covers. For example, some may automatically provide subsidence cover, where as some may make you pay for this as an extra option.

The cover generally extends to anything that you wouldn't take with you if you moved, so quite often , any outbuildings that are on your land are included within this cover

To make sure you end up with the right cover it is worth finding out about the possible extra that you may need.It may be worth spending a tiny bit more, for the piece of mind that is provided in the case of an emergency.

Insurance Home contents

Basics of a Contents Policy
Most contents insurance policies covers loss or damage to your possessions while in your home against:

Fire
Smoke
Explosion
Lightning
Earthquake
Storm
Flood
Malicious damage and vandalism
Escape of water from tanks or pipes
Leaking oil from heating systems
Subsidence
Heave or landslip
Falling trees or aerials
Theft or attempted theft
Impact by aircraft, vehicles or animals
Riot, civil commotion, strikes, labour and political disturbances

These are referred to as the 'Basic Perils'. Contents policies also provide an extension to accidental damage cover for TVs, Hi-fi, computers etc. and cover for breakage of glass in furniture, mirrors and so on.

Most policies have the option to extend the 'Basic' cover to include full Accidental Damage, which covers other damage to the contents, caused accidentally. By opting to have Accidental Damage cover, you will be required to pay a higher premium and an excess of £25 or £50 usually applies to each and every claim.

Although Accidental Damage cover provides insurance for damage, not caused by the 'Basic Perils' as listed above, this does not mean that everything is covered! Various exclusions apply and it is important to refer to your policy 'Exclusions Sections', which will detail exactly what is not insured.

Lets Glasgow
280 St Vincent Street
Glasgow
G2 5RL

Tel: 0971 4221 0001