Insurance | Protect your home and contents
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Your life revolves around your home. Knowing you've a utopia filled with lots of personal memories to retreat to, gives a certain sense of security. When you've invested so much in your home, why risk losing it all?
Home and buildings insurance is a relatively cost efficient way to safeguard your personal possessions and domestic haven against any accidents, damage, fire and theft. Without it, who would foot the bill if disaster struck?
Choose insurance products that think smarter
You'd be forgiven for thinking that all home insurance products are the same. But pricing, cover, excesses and optional extras do vary widely.
Only a regular review and direct comparisons will show if you've got the right level of cover in place at the best price. We advise annually, but a review is increasingly important when you've recently added space or made significant alterations to your property.
You Are Likely To Save Money if You've Got:
Why not reclaim some time for yourself and let us do all the hard work for you. We'll take your existing home cover and do a comparison, making sure nothing of value has been overlooked. And if we can reduce your premiums a little and increase your financial protection to make you feel even safer, then all the better.
Building Insurance that gets the job done
Structurally, your home may feel sturdy, solid and secure. That's the beauty of bricks and double-glazing – you can shut out the world. Yet, even the most robust property is vulnerable to extreme weather, flooding, freak accidents or malicious damage.
Buildings insurance covers the structure of your home, plus fixtures and fittings, such as fitted kitchens and bathrooms. When specific incidents occur, your insurer will pay out up to the maximum sum you're insured for. Some insurance policies will also cover outbuildings, including garages and greenhouses.
It is important that your property sum insured is enough to pay for a full re-build. Although these costs are influenced by market value prices, the real cost may be less or more.
Insurers Will Take Into Account The Following:
Insurance providers do make minor adjustments to sums insured year-on-year to mirror inflation rises.
It's natural to be influenced by price. But when selecting your insurance policy, get clued up on what situations you are covered for, or your insurance could end-up being a false economy. You can source protection for most building risks, including:
Optional add-ons, like legal support are also often available.
If you're wanting to research and cross-compare product features, we can give you some impartial and honest advice to help you choose. And remember, more savings can be had by combining your buildings and contents insurance .
Contents Insurance - protecting your possessions
Spread over time, the outlay for filling your home with furnishings, trinkets, the latest gadgets and gizmos may appear manageable. But if you had to replace every item in one hit, what would the cost be to you? Walk around each room, including your loft, garage, cellar and shed and do a rough calculation. Add in clothes, DVDs, CDs, electrical items, not to mention jewellery, antiques and furniture, and you're probably talking many thousands of pounds
Contents insurance is a cost efficient way to restore some degree of normality if your house burnt down tomorrow, was broken into and items stolen or vandalised, or flash floods washed away your prized possessions.
Think current value, not what you paid
If, like most people, you simply renew your contents insurance annually, you could be in for a shock. The price you paid three years ago for a flat screen TV, or to re-decorate a bedroom, could have jumped significantly in real cost. Your sum-insured today, needs to reflect the current cost of replacing all your items.
Even more important, luxury goods or high value items purchased as maybe a future investment should be listed separately. We would advise obtaining professional valuations of rare antiques, including furniture, or works of art, every two to three years.
There are two main types of contents policies available, which affect how claims are processed:
‘New for Old'
Most insurers today provide ‘new for old' replacement cover, which means providing your items were well maintained, they will replace your loss with a brand new item. Clothing and linen that was over five years old may incur wear and tear deductions. With standard items, insurers can arrange replacement deliveries through their network of suppliers within days. Some insurers provide the option to upgrade specific items. You simply pay the difference in value.
Indemnity ‘wear-and-tear' policies
The cheaper option of the two is the indemnity policy. Premiums tend to be lower as insurance companies take into account the amount of wear and tear when paying your claim. So, if your five year old three piece suite was ruined by leaking water, the pay-out would reflect the age of the suite.
What are you covered against?
Contents insurance will generally cover the same situations and incidents featured on our Buildings Insurance section.
Extra features or add-on extras may include:
Lock replacements if your keys are stolen.
Automatic increases in cover around Christmas or wedding gifts.
Accidental damage or loss of items that you frequently take out of the home, for instance cameras or sporting equipment.
Student cover for household items and personal effects.
Liability cover if you accidentally injure or cause damage to another property.
Discounts may be available if you:
Fall within a specific age group;
have security fittings at every point of entry;
have a claims free history;
combine your contents and buildings insurance
Things to watch out for
If you work from home, your contents insurance may cover some losses, but limits could be applied. It is worth checking whether you need individual insurance or if your provider can extend cover.
If you are letting or sub-letting your property, remember to tell your insurer. Failing to do so could result in your policy being cancelled. Typically, insurers won't pay out a theft claim unless there's evidence of forced entry.
Need even more help deciding?
If you're wanting to research and cross-compare product features, we can give you some impartial and honest advice to help you choose. And remember, more savings can be had by combining your buildings and contents insurance - contact us.
For buildings & contents insurance we offer products from a selected panel of providers.
I established Money Ways UK in 2000, as a small firm of Independent Financial Advisors with the focus on providing the best advice to corporate and individual clients. Providing tailored advice in clear and concise language to ensure all aspects are properly covered and fully understood.
Our location allows us to conveniently serve Farnham, Fleet, Guildford, Farnham Winchester and Alton and Hampshire and Surrey areas. Clients are invited to our offices or we offer home visits for additional flexibility.
We offer an initial meeting which is free and without any obligation.
Just give me a call on 01252-515517 to arrange an appointment, I can visit you in your home and help discuss your options.
"A very professional and personal service. Mike was reassuring and knowledgeable when it came to advice on our finances and found the best solution that suited us. We'll certainly be recommending him to our friends!!"
"I went to Mike Daniels on a recommendation of a close friend. My situation is very complicated and distressing. Mike was amazing with not only his kind and caring nature but in his experience and willingness to try and resolve the issues at hand. He is full of ideas and solutions, very professional, knowledgeable and trustworthy. I will definitely continue to seek his advice and recommend his services with confidence."
"Would highly recommend Michael to anyone! He is very efficient & keeps you up to date with what is going on. Smooth process from start to finish. Thank you!"
"I went in to Money Ways to enquire about my pension options on the off chance. Mike greeted me with an air of confidence and welcoming and began to clearly explain pension types, risk levels and the choice of the whole market! It was the first time that I could say I understood the pension system, most surprising was the consultation was for free and yet I did not feel pressured to commit or hurried to move on. Very relaxed friendly approach to finance, I will never ask at my bank branch for financial advice again!!"
"Fantastic service. I've returned to Mike for all my financial professional services requirements. He's extremely prompt, really jovial and offers an excellent advisory service as well. You can call him anytime for advice and if you take up his services you'll get a fantastic service from him."
"We went to Mike for advice on Equity Release and knew from his wealth of knowledge and experience that we were in safe hands. He delivered a great service and sorted us out with everything we needed. The whole process was made much more comfortable and reassuring with Mike involved."
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"Highly recommended Following a recommendation I went to Mike for advice on a re-mortgage (which wasn’t a straight forward case). However I found Mike to be very professional and knowledgeable; within a week we had made an application and had it accepted. I then returned to Mike for Pension advice, again he knew his stuff and got me a great deal and dealt with all the paperwork. During both processes Mike kept me updated. I will use Mike again without hesitation if I need any further financial advice. Thank you."
For many people releasing money from their property may be a popular choice. However it is a big decision as it will affect the value of your estate.
As your adviser I want to help you make the right decision and see whether equity release is the right choice for you.
I will answer any questions you have and will also cover the following Alternative ways to access the money you need
If you have an outstanding mortgage, this will need to be repaid with the proceeds of the equity release.
If you have any savings or investments, you may be advised to use this before taking Equity Release
A review to ensure that you are claiming all the state benefits you are entitled to.
A lifetime mortgage enables you to release a tax-free cash lump sum from the value of your home.You will continue to own your home completely and retain the right to live in it for the rest of your life. You can choose to repay the interest each month or make no monthly payments and roll up the interest into the loan amount. The amount borrowed plus accrued interest is usually repaid from the proceeds of the sale of your property when you die or move permanently into long-term care. It is important to note that the loan is secured against your home and a lifetime mortgage will reduce the value of your estate.
An enhanced lifetime mortgage could allow more cash to be released from your property than a standard lifetime mortgage. This is dependent on lifestyle and medical factors that are taken into consideration. These factors include health and lifestyle issues such as weight, blood pressure, medical conditions and whether or not you smoke.
It is important to note that, like standard lifetime mortgages, the loan is secured against your home and an enhanced lifetime mortgage will reduce the value of your estate.
A home reversion plan involves selling part or all of your home to a home reversion provider. You receive the sale proceeds as cash, which can be paid as regular instalments or as a single lump sum. On most home reversion plans you retain the right to stay in your property rent-free for the rest of your life.
You will receive less than the full market value of your home, because the buyer cannot re-sell the property until you die or move permanently into long-term care