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:
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“Illness is the night-side of life, a more onerous citizenship. Everyone who is born holds dual citizenship, in the kingdom of the well and in the kingdom of the sick. Although we all prefer to use only the good passport, sooner or later each of us is obliged, at least for a spell, to identify ourselves as citizens of that other place.”
—Susan Sontag (b. 1933)