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Guide to Home Insurance
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There are many home insurance products available, and it is important to consider your needs before just going for the cheapest possible deal.
Almost all mortgage providers will insist that you have buildings insurance to cover the cost of rebuilding your home in case of disaster. This is so that they are able to recover the asset which is your home if for some reason you cannot pay the mortgage.
Your buildings insurance should ideally cover the cost of alternative accommodation if for some reason your home is made uninhabitable. You should also be very careful to double check that the policy fully covers the cost of rebuilding rather than just giving you the market value of your property.
As well as the actual structure, buildings insurance covers the permanent fixtures of your home, such as your bathroom suite, fitted kitchen and decorations. Essentially, anything that you could not take with you if you moved home will typically be covered by your buildings insurance.
The items within your home that you would take with you if you moved need to be covered by separate contents insurance. You do not have to have contents insurance, but a basic policy which covers your furniture, clothing, electrical appliances and floor covering.
If there are any very expensive items in your home then some standard contents insurance policy will exclude them. On the other hand, some policies will even cover you against being sued if some failure on your part to maintain your home leads to a visitor being injured.
As with buildings insurance, the cheapest policies are not always the best value. Cheaper policies will only give you the market value of the goods that you need to replace, not what it will actually cost you to buy new replacements. So unless you would be happy to replace a damaged couch with a second hand one, you may wish to pay a little extra.
Contents and Buildings insurance will both normally cover you for damage or destruction of your property by flood, storms, fire, theft and vandalism, but higher levels of cover are available if you feel that it is necessary, for example accidental damage. If you have children in the home this can be very useful and well worth the extra premium.
There are a lot of price comparison websites that will help you to find the best deal, so you are sure to find a policy with the appropriate level of cover to meet your needs.
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