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The cover limits below apply to policies sold or renewed after the 1st July 2020. For policies purchased prior to this date please see individual policy documentation.
Buildings Cover Limits
Causes Covered Standard Policy Limit Buildings Cover Maximum Claim Limit £1,000,000 Homeowner’s legal responsibilities £2,000,000 Rent & Alternative Accommodation 20% of the maximum claim limit for buildings Being forced to leave your home 20% of the maximum claim limit for buildings Home Improvements £1,000 Contents Cover Limits
Causes Covered Standard Policy Limit Contents Cover Maximum Claim Limit £100,000 Cover for valuables in the home 30% of the maximum claim limit for contents, £2,500 item limit Items over £2,500 must be specified to be covered, max limit £20,000
Max for all jewellery & watches in the home unless stolen from a fixed, locked safe £10,000 Business Equipment £5,000 total; £2,500 item limit Theft of Contents from an Outbuilding or Garage £1,000 (if Outbuilding or Garage is locked £2,500 per outbuilding or garage; £5,000 overall limit Fatal injury occurring in the home £10,000 Loss of Metered oil or water £2,000 Contents in the garden £2,000 total; £500 item limit Money £750 Credit Cards £1,000 Deeds & Documents £2,500 Guests Personal Belongings £1,000 Taking shopping home £400 Garden Cover £1,500 Counselling Fees £1,000 Moving home cover £5,000 Contents taken away from the home 20% of the maximum claim limit for contents Tenants home improvements 10% of the maximum claim limit for contents Rent & Alternative Accommodation 20% of the maximum claim limit for contents Special Events Maximum Claim Limit for Contents is increased by £5,000 Being forced to leave your home 20% of the maximum claim limit for contents Downloads & Computer files £1,000 Recently purchased contents £1,000 Public & Personal Legal Responsibilities £2,000,000 Unpaid damages £2,000,000 Legal Responsibiity for domestic employees £10,000,000 Protection for tenants 20% of the maximum claim limit for contents Optional Cover Extensions
Causes Covered Buildings Contents Standard Policy Limits Accidental Damage Cover Y Y Up to the Buildings or Contents Maximum Claim limit Everyday Personal Belongings N/A Y Min £1,000, Max £15,000, £2,500 limit per item Higher Value Personal Belongings N/A Y Up to £15,000 in total, £10,000 item limit Bicycles N/A Y Up to £20,000 in total, £2,500 limit per bicycle Home Emergency cover Y Y up to £1,000 or three claims per year Personal legal Protection Y Y £50,000 Standard Policy Excess Amounts
Cause Excess Amount Cause Excess Amount Standard Policy Excess £100 Subsidence* £1,000 Leaking or freezing water & leaking oil £350 Flood* £250 * Excess amount is unaffected by any voluntary excess that may be chosen
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For Policy claims please call 0344 412 4180
How to make a claim
If you are aware of an incident that might give rise to a claim or you need to make a claim, you must do the
following as soon as possible:
Buildings and/or Contents – Call our claims helpline on 0344 412 4180 to report the incident.- Tell the police as soon as reasonably possible if something is lost or if you suspect theft or malicious
damage. - Take all practical steps to get back any property which has been lost.
- If we have asked you to fill in a claim form, send this back to us, with everything we have asked for, within
30 days of us sending it to you. - Immediately send us any written claim which is made against you, and give us full details of any verbal
claims made against you. - Take reasonable action to protect the property from loss or damage.
You must not:
- Throw away, get rid of or destroy items that are damaged until we say so;
- admit or deny responsibility for any incident; or
- Tell the police as soon as reasonably possible if something is lost or if you suspect theft or malicious
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Target Market Statement
Home Insurance
What customer need is met by this product?
This product is designed to provide financial protection for buildings and/or contents against certain events and catastrophes (such as fire, flood, theft, or malicious damage).
Who is this product designed for?
Individual and joint home owners or tenants, and their families, living at the home address in the United Kingdom.
Eligibility criteria
Customers must:
- Have not had insurance cancelled, declined or declared void
- Have not been convicted of any criminal offence (other than motoring offences)
- Be over 18 years old
The property must:
- not be used for any trade, professional or business purposes other than clerical work
- not be a weekend/holiday or second home
- not be lived in by anyone other than you and your family
- not be left unoccupied for more than 60 days in a row
- not be showing any sign of subsidence or ever had any damage caused to it by subsidence, landslip or heave
Who is this product not designed to support, or are there any features that you should be aware of when considering this product for your customer?
Customers looking to insure buildings for more than £1m or contents valuing over £100k in total value.
Properties inhabited by paying guests or tenants.
Properties with more than 5 bedrooms or those of non-standard construction.
Can this product be sold with or without advice?
This product can be sold with or without advice depending on your preference and in line with FCA regulations.
How can I offer this product to my customer?
This product can be sold face to face, via telephone, or online application.
Optional add-on covers:
In addition to the answers above, the table of responses below applies to the given optional add-on covers which are only available when taken out with a home insurance policy covering either Buildings and/or Contents.
Optional cover What need is met by this product? Who is it designed for? Who is it not designed to support or features to be aware of? Accidental Damage (Buildings) This product is designed to provide financial protection if the buildings are accidentally damaged in the home. Customers who want their buildings cover to include wider protection for accidents. Customers who are not insuring their Buildings under the Home insurance policy. Accidental Damage (Contents) This product is designed to provide financial protection if any contents are accidentally damaged in the home. Customers who want their contents cover to include wider protection for accidents. Customers who are not insuring their Contents under the Home insurance policy. Personal Belongings This product is designed to provide financial protection for loss or damage to personal belongings taken outside of the home. Customers that carry their belongings away from their home, especially high value items, and need protection for them when outside of the home. Customers who are not insuring their Contents under the Home insurance policy. Bicycles This product is designed to provide financial protection for loss or damage to bicycles taken outside of the home. Customers that need protection for their bicycles when outside of the home. Customers who are not insuring their Contents under the Home insurance policy. Bicycles worth over £2,500.
Legal Expenses This product is designed to provide personal legal advice and funding if an event results in a dispute over property, employment, consumer rights, medical and cosmetic procedure negligence, or personal injury.
Individual and joint home owners or tenants, and their families, living at the home address, who are seeking help and advice on a personal legal matter. Any claim where there is not a reasonable chance of the customer winning the case and achieving a reasonable outcome. Any events that occurred before cover was taken out.
Home Emergency This product is designed to provide financial protection against sudden and unexpected events in the home which, if not dealt with quickly, would render the home unsafe or insecure, cause further damage to the home, or cause personal risk. Customers who want to be protected against home emergencies. Tenants where their landlords are responsible for the costs of repairs covered under this policy add-on. Boilers must be under 15 years old and serviced at least annually to be eligible for claim.
Value Statement
Provided by Ageas as the underwriter
Summary
Our opinion is that this product offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ buildings and contents insurance. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.
This product has a wide range of customers in its target market. Please refer to the target market statement for information on who this product is and is not suitable for.
Cover
In keeping with the needs of this target market, it is a standard risk buildings and contents insurance offering, providing up to £1 million sum insured for buildings and up to £100,000 sum insured for contents. Some other items are included such as cover for homeowners’ legal responsibilities (up to £2 million), accidental damage to home entertainment equipment and valuables cover of up to 30% of the maximum claim amount. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how the product meets their needs and means they can compare with other products as necessary.
Excesses
Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.
Pricing
The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under a policy. It is also in line with competitors offering similar products.
Distribution
It is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, buildings and contents insurance The product is not directly marketed as it is sold exclusively through intermediaries.
Remuneration
Given the distribution model for the product, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable.
Home Insurance (Ageas)
Underwritten by Ageas, the Cavere Home Insurance product is rated 5 star by the Moneyfacts Group, the independent researchers of financial products in the UK.
Ageas is an international insurance group ranked among the top 20 insurance companies in Europe, with key markets in Europe and Asia, and a heritage spanning more than 190 years.
Product Downloads
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Policy Wording
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Insurance Product Information Document (IPID)
A PDF summary of the policy features
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Product Information Flyer
Summary product information for selling agents and advisors
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