Home insurance cover comes in two parts – buildings insurance and contents insurance. You can choose either one or both of these based on your needs. There is normally a discount when taking out combined Buildings and Contents insurance.
If you’re a homeowner, most mortgage lenders insist you have buildings cover in place to protect their investment.
You don’t usually need buildings cover if you’re renting, but you should consider contents insurance to help cover the cost of replacing your things if you suffer a loss or damage.
Home insurance is therefore an important consideration for everyone, whether you own your own home or rent the property you live in.
Buildings insurance covers the main structure of your home. If your home were to subside or be damaged by extreme weather, fire or flood your buildings insurance policy normally covers the costs of rebuilding or repair. Buildings insurance also protects permanent fixtures and fittings, such as doors and sanitary equipment.
Contents insurance typically covers everything in your home which is not the fabric of the building. In other words it deals with your furniture, electrical products such as your TV, clothing and jewellery. It tends to cover you against theft and damage (for instance by fire), and can also include cover for loss of your possessions too, including high-value items. Contents insurance is therefore a policy that everyone should consider.
We can help with specialist insurance if you currently let out your property or are planning to take your first steps into property investment. Problems can arise with allowing other tenants to take care of your property. Speak to one of our advisers who can help you arrange the right cover.