Protecting Your Home

Home Insurance

Home insurance is also known as Household insurance and there are three main types of policies:

Buildings insurance protects you against damage to the structure of your home, together with its fixtures and fittings, whilst Contents insurance is there to guard against damage to or loss of the belongings you keep in and around the house.

The last option is a combination of both your Buildings and Contents insurance cover.

Do I need Home Insurance?

Whilst home insurance is not compulsory, if you have a mortgage then your Lender may insist on you securing buildings insurance cover as a condition of the loan. This is simply to ensure thatif an event occurs that results in the home being destroyed or severely damaged the rebuilding costs will be met, thus safeguarding their investment.

The means to find the money to replace everything following a loss involving buildings or contents (or both) would be a huge worry if you did not have home insurance. Home insurance provides you with security and peace of mind.

There are many questions you need to ask before deciding on which cover is best for you and it is fair to say that the cheapest isn’t always the best.

What exactly needs to be covered in my Home Insurance cover?

In respect of buildings insurance cover you need to consider the home in its entirety. That is, the home itself, including permanent fixtures and fittings, any outbuildings, garages, drives, patios, paths, fences and gates. Buildings insurance cover should also extend to permanent swimming pools, tennis courts, and fixed fuel tanks, underground service pipes and cables for which you are legally responsible.

In respect of insurance cover you need to consider the home in its entirety. That is, the home itself, including permanent fixtures and fittings, any outbuildings, garages, drives, patios, paths, fences and gates. Buildings insurance cover should also extend to permanent swimming pools, tennis courts, and fixed fuel tanks, underground service pipes and cables for which you are legally responsible.

Consideration must also be given to the cost of removal of debris, and professional fees.

Contents comprise everything that you could take with you if you were to move home. Go through every room making an inventory of contents including items in cupboards and wardrobes. Note also items in the loft, the garage, the shed and the garden. Any satellite dishes or aerials are considered to be an extension of the television and are therefore covered under your contents policy.

There are many questions you need to ask before deciding on which cover is best for you and it is fair to say that the cheapest isn’t always the best.

How do I calculate how much Insurance cover I need?

The market value of a home is dependent on many factors, including locality, local amenities, size of plot, etc, and therefore bears no relation to the actual rebuilding costs.

You may find your home’s rebuilding costs in any valuation report or survey that was carried out when you took out your mortgage.

If you do not have a survey report, you may wish to instruct a surveyor to carry out a survey for you. The Royal Institute of Chartered Surveyors will advise you of members in your area. The Association of British Insurers also offers useful advice and information on-line, together with a guide to calculate rebuilding costs.

For contents insurance cover you should calculate what it would cost to replace all your items at today’s prices.

Many insurance companies will insure your property and its contents up to a maximum level so that you do not need to know the exact amount of re-building costs or replacement costs for your contents.

There are many questions you need to ask before deciding on which cover is best for you and it is fair to say that the cheapest isn’t always the best.

Get in touch

There are many questions you need to ask before deciding on which cover is best for you and it is fair to say that, the cheapest often isn’t the best.

For impartial advice, without cost or obligation, call 0845 459 8801 or click here