Home Insurance in Leicester
Home Insurance in Leicester
Buildings and contents are different things
Buildings insurance covers the structure — walls, roof, floors, fitted kitchens and bathrooms, and usually outbuildings, garden walls and drives. This is what the lender requires, from exchange of contracts rather than completion, because that is when the property becomes your risk.
Contents insurance covers your possessions. Optional, and your decision.
On a leasehold flat, buildings insurance is normally arranged by the freeholder or managing agent and paid through the service charge. Check what it covers before duplicating it — you generally need contents only.
Insure for rebuild cost, not market value
The single most common mistake.
Rebuild cost is what it would cost to reconstruct the property from scratch, including demolition, site clearance and professional fees. It excludes the land.
Market value is what the property would sell for.
They are different, and rebuild is frequently the lower figure — which means people who insure for market value are overpaying, while those who guess low are dangerously underinsured.
Your mortgage valuation or homebuyer's survey normally states a rebuild figure. Use it.
Underinsurance and the average clause
Worth understanding properly, because it bites hardest when you claim.
If you insure for less than the full rebuild cost, most insurers apply average: they reduce the payout in proportion to the shortfall. Insure a property for 70% of what it should be and a £10,000 claim may pay £7,000 — even though the claim is nowhere near the total sum insured.
Review the rebuild figure after any extension or significant work, and check it periodically. Building costs move.
Leicester and Leicestershire specifics
Flood risk near the rivers
Parts of the county sit near the Soar and its tributaries. Lenders care because a mortgage requires insurable buildings — no insurance means no mortgage. Flood Re is a scheme designed to keep cover available and affordable for higher-risk homes, and most properties built before 2009 are eligible, subject to exclusions. Always get an indicative quote before committing to a purchase.
Older and non-standard property
Charnwood stone, thatch in some villages, timber frame, listed buildings, and Victorian solid-wall terraces across the city. All insurable, several needing a specialist insurer rather than a price comparison site.
Former mining areas
around Coalville and the north-west of the county. Subsidence history, where it exists, affects both availability and price.
Converted and mixed-use buildings
— flats in former hosiery factories in Hinckley, or above shops in the market towns — are typically declined by mainstream insurers and need specialist cover.
Excesses, and the one that catches people out
The excess is what you pay towards a claim before the insurer contributes. Raising it lowers the premium, which is why quotes often default to a higher figure than people notice.
Two things to check on any quote:
The standard excess across most claim types. A modest one is sensible; a very high one turns the policy into cover for catastrophe only — which may be exactly what you want, or an unwelcome surprise.
Compulsory excesses on specific perils. This is where people get caught. Subsidence excesses are typically far higher than the standard figure, and insurers may apply a substantial one in areas with historic mining or clay soils. Escape of water — burst pipes and leaks, the most common household claim by some margin — also frequently carries its own higher excess.
Check both before buying on price. A policy marginally cheaper annually but carrying a much larger escape-of-water excess is not the bargain it appears, given how common those claims are.
Tell the insurer everything
Non-disclosure is the most common reason a home insurance claim fails.
Declare previous claims, subsidence history, flood events, any business run from home, unusual construction, and periods when the property will be unoccupied. A disclosed risk may be priced for or excluded, and you still have a valid policy. An undisclosed one can invalidate it entirely.
What we do
We look at what the property actually needs rather than what is cheapest on a comparison table, and we have access to insurers who will consider property that mainstream providers decline.
Contents cover people usually get wrong
Two figures on a contents policy are routinely underestimated.
The total sum insured. Most people guess low, often by a wide margin. The realistic test is what it would cost to replace everything you own if the house burned down — furniture, clothing, kitchen equipment, tools, electronics, everything. Walking through each room and totalling it takes an hour and is usually a surprise.
Single item limits. Policies cap how much they will pay for any one item, commonly at a few thousand pounds. Anything above that limit — an engagement ring, a watch, a bicycle, a musical instrument, a laptop used for work — must be specified individually or it is not fully covered.
If you want possessions covered away from home, including on holiday, that is usually an optional extension rather than standard.
Speak to us
Call 0116 277 7536 or book a free consultation.
Cedar House, 3 Broad Street, Enderby, Leicester, LE19 4AA.
Common questions
Does my mortgage lender require home insurance?
Buildings insurance, yes. It is a condition of every residential mortgage and must be in place from exchange of contracts, not completion. Contents insurance is optional and entirely your choice. You do not have to buy either from your lender or your broker.
How much buildings cover do I need?
The rebuild cost, not the market value. These are different figures and rebuild is often lower — it is what it would cost to reconstruct the property, including demolition and professional fees. Your survey or mortgage valuation usually states it.
What is underinsurance and why does it matter?
Insuring for less than the full rebuild cost. If you are underinsured, many insurers apply average — reducing a claim payout proportionally, even on a small partial claim. Insuring a property for 70% of its rebuild cost can mean receiving 70% of a claim.
Can I get cover if my property has flood risk?
Usually. Flood Re is a UK scheme designed to keep home insurance available and affordable for higher flood-risk properties, and most homes built before 2009 are eligible, though exclusions apply. Get a quote before you commit to a purchase, since a mortgage requires insurable buildings.
Is cover harder for older or unusual property?
It can be. Thatch, timber frame, listed status and non-standard construction all narrow the market and usually need a specialist insurer. Leicestershire has plenty of period and stone-built property where this applies.
Will empty periods affect my cover?
Yes. Most policies restrict cover if a property is unoccupied beyond a set period, commonly 30 to 60 days. If you are renovating, working away or between tenants, tell your insurer — an undisclosed unoccupied period is a common reason claims are declined.
Related
Important information
This is a general insurance policy with no cash-in value at any time. Cover is subject to underwriting and to the terms, conditions, limits and exclusions of the individual policy. If you stop paying premiums, cover will end.
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