Home and house Insurance
comes in two products which are buildings insurance and home contents insurance. You do not need to have both products with
the same insurer although sometimes you will get an extra discount if you choose to have both buildings and home contents
insurance with the same supplier.
Buildings insurance is designed to cover the cost of damage to the structure of your property. The structure will include
things like the floors, roof, doors, walls and windows. Structures like as garages would also be included in your buildings
insurance should cover the full cost of rebuilding the property should you be in the unfortunate position that this occurs.
Examples of damage that would typically be covered by your buildings insurance policy would be, fire, storm damage, vandalism,
earthquakes and maybe impact by a car. If you have a mortgage on your house your mortgage provider will insist that you have
buildings insurance but it is important to note that although they will try to sell you their own insurance provided you have
sufficient cover you do not have to use the insurer proposed by your mortgage provider.
Household contents insurance.
contents insurance is cover for your household contents. This includes furnishings, carpets, curtains, clothing, electrical
appliances, personal possessions, sometimes cash up to a certain limit etc.A
good way to think of it is as the value of everything that you would take with you if you were to move house. Your household insurance policy usually covers damage to your
possessions caused by fire, flooding, storm and theft. Many
contents insurance policies offer you the ability to insure your personal possessions away from home too plus an option to
cover your possessions on a new for old basis.It
is estimated that the contents value in the typical UK home are £45,000 and if in doubt go through each room and start
adding up the costs, televisions, furniture, clothes, items in the garage, kitchen utensils etc.
If you are not
sure about house insurance consider that each year in the UK the fire service are called out to over 50,000 house fires
and police figures showed there were 284,445 house break-ins in the 2008/9 financial year.