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Home Insurance covers the structure of your home and your belongings.
It comes in two parts: buildings insurance (cover against damage to the house itself) and contents insurance (for damaged or stolen items within the home). These can be combined or bought separately, so the first step is deciding which option is better for you.
Having home insurance means you won’t be out of pocket if you need to repair your home or replace your belongings after they’ve been stolen, damaged or destroyed.
Buildings Insurance
Mortgage lenders make building insurance compulsory when taking out a mortgage with them. They do this so the loan they are giving to you is protected if anything happened to the property. If you don't have a mortgage and own your property outright it is also highly recommended to insure your property against unforeseen circumstances.
Virtually every home in the country will have this type of insurance just for that reason, and it could end up proving to be very costly if you do not take the cover out.
Buildings Insurance ensures your home is protected against unforeseen events such as fire, flood, storm damage, theft and subsidence - all of these can cause extensive damage and be very costly to fix. This insurance covers the costs of repairing or rebuilding the structure of your home should it be damaged or destroyed and also includes your outbuildings, fixtures and fittings, patios and sheds.
Contents Insurance
Contents Insurance covers your belongings within the home like clothes, furniture, curtains and kitchen appliances - everything you'd take with you if you moved to a new house.
Having Contents insurance means you can rest assured that your possessions are protected from life’s unfortunate events, such as theft, fire, flood, loss or damage, it is not compulsory like buildings insurance, but it is essential if you want to protect your valuables.
Generally, there are two types of contents insurance available; indemnity policy and 'new for old' policy. The indemnity insurance is the cheapest available and covers items by a wear and tear policy. For example, if a carpet was spoilt by paint then the claim would reflect how old the carpet was and pay out accordingly. On the other hand, 'new for old' policy is more expensive but would pay the full amount for a brand-new carpet.
Many content insurance providers offer accidental damage as an option, but usually you will pay extra if you want this cover. Cover for extra items can be bought if needed such as expensive jewellery, antiques and also your fridge freezer in case of power failure which means you can claim for the contents of your fridge.
Home Insurance for Landlords
If you are a landlord or a buy-to-let owner, then you need a specialist insurance designed for landlords only that will protect your investment from the unique risks that comes with letting homes to tenants.
Landlord insurance is essential for keeping your investments safe. This type of insurance not only covers the same type of protection that your usual home insurance does, such as cover for buildings and contents in the event of a range of circumstances, but it will also include other landlord specific risks such as non payment of rent, damage to your property.