A Guide to Non Standard Insurance risks

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A guide to Non Standard Insurance risks

Hi my name is Liz and I am from the Furness Building Society I am going to talk to you about non-standard home insurance basically that might mean a lot to you or not very much at the moment but hopefully this guide will give you an indication of what exactly non-standard insurance is and if you do have a non-standard insurance risk what you can do about it. 

What is Non Standard Insurance?

Non-standard home insurance is basically any home insurance risk that does not fall into the standard category set by the insurance industry.  If you are using insurance comparison sites, basically you may find it quite difficult to gain insurance for a non-standard risk. 

What are examples of Non Standard Insurance needs?

A non-standard risk can be anything from a property’s construction so anything other than bricks and mortar so if you say you had a thatched roof or you might have a timber construction building or it may be due to the location that your property is situated at it could be near to water or it could have previously flooded.

Non Standard Risks include:
• Thatched roofs
• Timber construction
• Located near water
• Previously flooded

If you bought a house to actually renovate the home or extend it or you have a home that is quite rundown and it is going to be unoccupied whilst you renovate it that is also a non-standard risk.

Properties use can make you a non-standard risk because if you use your property as a holiday home if you rent it out or if you share your home with any borders or lodgers that won’t fit into standard home insurance that would make you a non-standard insurance risk.

Personal history is also relevant to insurance and you could be non-standard if you had made say an abnormally high number of claims in the last few years if there were a certain type of claim that kept recurring or anything really that would affect a new insurance company’s decision to take you on. 

Other Non Standard Risks include:
• Renovations or extensions
• Unoccupied
• Holiday home
• Share boarders
• Past claims

How can you insure these Non Standard Risks?

If you contact us here at the Furness we actually have what we call bespoke policies so we actually have a relationship with our insurer’s underwriters and they will write a policy specifically for you.  If we approach them with a certain set of circumstances they will look at everything individually and they will build a policy that is suitable for you.  You can go into any of our branches throughout the North West or you can contact us here at Furness Direct. The 0800 number is 0800 083 2429.

Find out more at any Furness Building Society branch or call Furness Direct on 0800 083 2429

Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Furness Building Society is on the Financial Services Register under registration number 159624

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