One aspect of home insurance policies that is often overlooked is alternative accommodation cover. Overlooked that is by clients and other brokers, but not by Lark, the high net worth specialist.
What is alternative accommodation cover?
This is an amount payable by an insurer to cover the rent for a place for you and your family (and pets) to live if your home is not habitable following a claim. Fire, flood & escapes of water can all cause damage extensive enough to prevent you from living comfortably in your own home. A good policy will cover the rent for a temporary home, for a set number of years, not merely a value equal to the percentage of the sum insured. A better policy will also include cover for your pets and horses. Decent alternative accommodation cover allows for a client to stay in the same familiar area, wherever possible, and near the children’s schools, minimising change in an already stressful situation.
How can Lark help?
All Lark policies include generous provision for alternative accommodation. Take a look at your current policy. Is there sufficient cover to allow your family and pets to live in a similar, local property?
It is when you need to claim that a budget policy will show its true colours. In London and the South East particularly, inferior policies may only provide enough cover to allow for a few months alternative accommodation. Clients under such policies may need to move to a different location, to a smaller property in the same location, or to fund the rent for a more suitable property from their own pocket.
It can sometimes take months, even years, to reinstate a property to its pre-claim state, especially in the event of a fire, or if the property is listed, or if access is difficult. The right alternative accommodation cover is therefore very important.
At Lark, we are high value home experts. Speak to us. We can help and tailor a policy to best suit your needs and ensure that your alternative accommodation, in the event of a claim, is not a caravan in your own back garden.