In The United Kingdom
As in the US, mortgage lenders within the UK require the rebuild value (the actual cost of rebuilding a property to its current state should it be damaged or destroyed) of a property to be covered as a condition of the loan. However, the rebuild cost is often lower than the market value of the property, as the market value often reflects the property as a going-concern, as opposed to just the value of the bricks and mortar.
A number of factors, such as an increase in fraud and increasingly unpredictable weather, have seen home insurance premiums continue to rise in the UK. For this reason, there has been a shift in how home insurance is bought in the UK—as customers become a lot more price sensitive, there has been a large increase in the amount of policies sold through price comparison sites. In addition to standard home insurance, some 8 million households in the UK are categorized as being a "non standard" risk. These households would require a Specialist or Non Standard insurer that would cover home insurance needs for people that have criminal convictions and/or subsidence in the property or have previously been underpinned.
Read more about this topic: Home Insurance
Famous quotes containing the words united and/or kingdom:
“We begin with friendships, and all our youth is a reconnoitering and recruiting of the holy fraternity they shall combine for the salvation of men. But so the remoter stars seem a nebula of united light, yet there is no group which a telescope will not resolve; and the dearest friends are separated by impassable gulfs.”
—Ralph Waldo Emerson (1803–1882)
“... what a family is without a steward, a ship without a pilot, a flock without a shepherd, a body without a head, the same, I think, is a kingdom without the health and safety of a good monarch.”
—Elizabeth I (1533–1603)