Things to consider when looking at which home insurance policy is suitable for you

18 February 2014 - Which Way To Pay

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What should you consider when researching home insurance options on the market

If you own your home, it is of paramount importance that you have the peace of mind knowing your home and contents are protected by insurance in the event that something should happen. Your home insurance will not be able to replace any sentimental photographs or pictures, however, it will ensure that you are not left out of pocket and in many cases will take a lot of pressure off you. There are two types of home insurance that you should familiarise yourself with buildings insurance and contents insurance. Both are very important, however, depending on your situation not necessarily always essential.

Which home insurance to choose if you own your property? What is the difference between buildings insurance and contents insurance?

Buildings insurance covers the actual building, rather than the contents and what is inside the home. If your house was destroyed in a fire, the insurance will pay for the rebuild of the house but not the damage to your property, like gadgets and furniture. The amount of cover you need for buildings insurance is not based on what your property is valued at, instead it is the re-build value of your home. Ensure you read the terms and conditions before you commit to your buildings insurance, if you are not covered for something when you need to make a claim you will wish you had.

Do I need contents insurance if I have buildings insurance?

If your valuables and possessions are stolen or damaged, you will need to make a claim on your contents insurance not on your buildings insurance. When looking at how much contents insurance you need, you should look at your belongings room by room in your home. When you are deciding how much cover you need – chances are it will be a lot more than you think. Don’t just think about jewellery or gadgets, things like clothes, shoes and furniture would be expensive to replace if it caught on fire. If you have anything of particular value – like a sparkly diamond ring – you will need to disclose this separately when you take out your home insurance.



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