A Brief History of House Insurance in the UK with UIA
UK House insurance has been available since the 17th Century when the 1666 Great Fire of London occurred. This historical event 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; this company was called The Insurance Office for Houses.
The Insurance Office for Houses essentially dealt with insurance to cover the threat of fire with just 5,000 properties insured initially. Since those early origins the market has taken shape and house insurance in the UK has grown significantly during the 21st Century.
Customers Free to Choose House Insurance in the UK
Originally house insurance in the UK and, more specifically buildings insurance, was directly linked with mortgage lenders. One of the restrictions of applying for a mortgage was that you also had to take out buildings insurance with the lender. This often meant that prices were inflated and options available to UK house insurance customers were limited.
A law was eventually passed in the 1990's allowing homeowners the freedom to choose their house insurance provider. This was the catalyst for the thriving market that exists for providing house insurance in the UK today.
House Insurance in the UK Boosted by the Internet
Since 1999, the Internet has played an increasingly important role in the UK house insurance market with many insurers developing online strategies to accommodate rising demand.
Instant quotes and online savings are just some of the services now expected of house insurance companies but how has cover changed over the years?
Modern Day House Insurance in the UK
House insurance in the UK today is quite a competitive market spurred on by the plethora of comparison websites available. However, what are the common events that house 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 smoke damage, flooding, riot and malicious damage, vandalism, theft, storms, collision - in the case of vehicles hitting your property, falling trees and the escape of water.
For more information about house insurance in the UK please visit the ABI's website.
To find out what cover you can receive from UIA get a quick house insurance quote online now.
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