Home Insurance UK
A Brief History of Home Insurance in the UK with UIA
Home insurance in the UK has been available since the 17th Century when the Great Fire of London in 1666 caused the casual market to take shape and offer a professional service. It wasn't until a few years later in 1681 that the first insurance company was established, The Insurance Office for Houses.
This company essentially dealt with insurance for houses against the threat of fire and 5,000 were insured initially. Since those early origins the market has taken shape and home insurance in the UK has grown significantly during the 21st Century.
Customers Free to Choose Home Insurance in the UK
Originally home insurance in the UK and, more specifically buildings insurance, was directly linked with mortgage lenders. Historically, when you bought a mortgage you had to take out buildings insurance with the lender, often meaning inflated prices and limited options.
This all changed in the 1990's when law was passed allowing homeowners freedom to choose their home insurance providers. This was the catalyst for the thriving market that exists for providing home insurance in the UK today.
Home Insurance in the UK Boosted by the Internet
Since 1999, the Internet has played an increasing role in the UK home insurance market with many insurers developing online strategies to accommodate rising demand.
Instant quotes and online savings are now expected of home insurance companies but how has cover changed over the years?
Modern Day Home Insurance in the UK
Home insurance in the UK today is quite a competitive market spurred on by comparison websites. However, what are the common events that home insurance companies in the UK will insure against?
They normally include cover against the natural threat that started it all, fire damage as well as cover against flooding, smoke damage, riot and malicious damage, theft, vandalism, storms, collision - in the case of vehicles hitting your property, falling trees and the escape of water.
For more information about home insurance please visit the ABI's website.
To find out what cover you can get from UIA get a quick home insurance UK quote online now. You could save 15%!