When a home emergency occurs, landlords and home owners alike are required to act immediately to restore the mains services and prevent further damage to the property. Obviously, taking action straight away is quite expensive, and a regular home insurance will not normally cover the costs.
In such an unfortunate situation, you would need an emergency cover, so that you won’t have to pay for any temporary emergency repairs. It is good to know that you can take out such a cover regardless if you live in a house, apartment, or bungalow. Moreover, you can get your cover from several sources, for instance through a packaged bank account, so check that you don’t pay twice for the same services.
On the other hand, this type of emergency policies may only provide limited coverage and come with a long list of exclusions as compared with a standalone emergency cover. Note that even a standalone policy is not valid if the emergency occurs during the first couple of weeks after applying for it; the idea is to take out a home emergency cover before an emergency actually strikes.
Another limitation that is significant in this day and age refers to contents and properties that may become damaged, lost or destroyed as a result of terrorism, whether partially or in full. The same holds true with items that are damaged or destroyed as a direct or indirect result of actions taken to prevent or retaliate against an act of terrorism. Owners and tenants themselves will have to pay for these expenses.
Some insurance companies differentiate between domestic and landlord emergency policies. Both types of covers provide 24/7 assistance and a set amount per claim when enlisting the services of gas safe registered engineers and using approved parts on any repairs. The higher the level of cover, the greater the sum per claim you can get if an emergency arises.
Additional coverage for home owners includes:
- Boilers, gas supply pipes, and controls, without age limits on the boiler
- Electrical repairs in case of breakdown and emergency
- Service on an annual basis
- Lost keys when this may pose a security threat
- Dealing with pest infestations on the property
Furthermore, it is important to be aware that your emergency policy will cover water leaks, but not gas leaks. Should these occur, you must report any gas leaks right away to the gas emergency service in your country.
Landlords taking out this kind of policy can also benefit from the assistance of fully qualified engineers and tradesmen for those unforeseen, but insured events. Moreover, in case the property becomes uninhabitable, the company will pay for the overnight accommodation of a landlord’s tenants until the damage is fixed.
There are plenty of residential emergencies that can arise, but some of the most common include a faulty gas system, drainage or plumbing, failure of the electrical system or of the central heating system. In all of these cases, your insurance policy will cover the costs for a temporary repair to prevent any further damage.