Whether you’re moving into a new rented home, buying your first house or are just starting to take security more seriously, home insurance is an important thing to consider. But home insurance can mean lots of different things, which can make finding the right policy a challenge. Luckily, there are lots of options out there and many providers allow you to customise your plan to suit your needs. Here are some of the things you can expect your home insurance to cover:
If you’ve bought your own home, buildings insurance is something you should look for under your home insurance umbrella. This is because you’re responsible for any issues that occur with your house’s structure and repairs can be costly. Renters don’t have to worry, as their landlord should take out buildings insurance and resolve any issues themselves.
Buildings insurance will help you to remedy damages that happen as a result of storms, fires and floods. Some damages may be minor, but others could completely devastate both your home and your bank account. Buildings insurance may also cover vandalism to areas like your driveway and fences. Always compare home insurance quotes before sticking to one particular policy to make sure everything you want to be covered is included.
This subsection of home insurance is relevant to both homeowners and renters, as it covers your personal possessions. Contents insurance usually covers your belongings in case they get damaged during a disaster like a flood or stolen. You’ll usually have all of your furniture and general possessions like clothes, plates and books covered, but expensive gadgets like laptops and phones may be excluded. Some policies allow you to pay extra to have these covered as well, with some types of contents insurance covering gadgets outside the home as well.
You may also be able to get a contents insurance policy that covers accidental damage, meaning that if you drop a glass table when moving it you can make a claim. However, it’s important to read your policy documents carefully and the conditions for a successful claim. Some policies require you to prove ownership and may not pay the full cost of the item that got damaged.
Home insurance extras
While home insurance is usually split into contents and buildings, it’s possible to opt into extra cover as well. For example, if your home is ever damaged to the point where you can no longer live in it, your home insurance may be able to fund temporary accommodation until repairs have been made. Renters may also benefit from protection against legal claims from their landlords for damage to furnishings. You can also find home insurance that will help you to cover emergency costs, whether that’s a serious leak or a broken boiler in the winter.
Home insurance can come in all kinds of shapes and sizes, so there’s bound to be a plan out there for you. If you’re in the process of getting a mortgage, you may have to take out home insurance to protect the structure, but otherwise, while home insurance isn’t essential, it can save you a lot of money should things go wrong.