{"id":1968,"date":"2021-01-25T08:56:19","date_gmt":"2021-01-25T08:56:19","guid":{"rendered":"https:\/\/www.yopa.co.uk\/homeowners-hub\/?p=1968"},"modified":"2021-01-25T14:51:30","modified_gmt":"2021-01-25T14:51:30","slug":"what-is-indemnity-insurance","status":"publish","type":"post","link":"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/what-is-indemnity-insurance\/","title":{"rendered":"What is indemnity insurance?"},"content":{"rendered":"\n

‘Indemnity insurance’ is an insurance policy that ensures compensation to the policy holder for any losses or damages they incur. Professionals in certain fields often have indemnity insurance, which means that if a third party makes a claim against them, the insurance will cover them for this cost. In fact, for some professions, indemnity insurance is a legal requirement for practise, and they can be fined or struck off a professional register if they do not have the relevant insurance. <\/p>\n\n\n\n

There are also other instances when you might set up an indemnity insurance policy, such as with the purchase of a new car. The policy would then cover you for any losses linked to damage of the car, or perhaps medical expenses should you be in an accident.\u00a0\u00a0 \u00a0\u00a0\u00a0 <\/p>\n\n\n\n

It can be useful to purchase indemnity insurance when you’re buying a property, too. The insurance will cover the financial consequences of a neighbour or organisation (e.g. a local authority) making a claim connected to issues with your property, especially if these issues are unresolvable or would be expensive to rectify. <\/p>\n\n\n\n

However, unlike insurance policies like home and contents insurance, indemnity insurance doesn’t cover the cost of repairing or replacing things like electrics, plumbing systems and boilers. If you’re thinking about buying an older or poorly maintained property, always ensure you have arranged a comprehensive survey by a qualified surveyor who will pick up on any issues before you agree your offer price. Indemnity insurance is reserved for issues which are generally lower risk but would be impossible or expensive to put right.<\/p>\n\n\n\n

Some examples\nof when you might purchase indemnity insurance are below. Your solicitor or\nconveyancer will be able to advise you as to whether indemnity insurance is the\nbest option for a particular issue with a property which may be uncovered\nduring your survey or local searches. <\/p>\n\n\n\n

Indemnity policies don’t just cover you as the policy holder; they cover future buyers too. This could be a great selling point when you come to sell the property in future. <\/p>\n\n\n\n

The cost of indemnity insurance depends on the value of your home and the particular issue you wish to cover. Generally, you will pay between \u00a320 – \u00a3300 to a specialist insurer. <\/p>\n\n\n

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\n Instant online valuation<\/span> <\/div>\n
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Get a rough estimate of your home's value now.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n

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\n Face-to-face valuation<\/span> <\/div>\n
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Book an appointment with your local Yopa agent.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n<\/div>\n\n\n\n\n

Examples of\nwhen you would purchase indemnity insurance <\/strong><\/h3>\n\n\n\n