Home Insurance
There are two principle types of household insurance - buildings and contents. They are separate entities and you can either have two individual policies, or buy them as a joint policy from one source, which is normally a more competitive way of buying. Moreover if you are unfortunate enough to end up in a situation where one incident affects both the building and its contents, such as a fire, there will be no issues as to who is paying for what.
Is it worth having?
Buildings insurance
- This covers the structure of your home. It will always include the main building and can be extended to cover sheds, garages, fences, swimming pool etc. Buildings insurance is only a consideration if you own the property. If you own a flat it's your landlord's issue.
- If you are a homeowner, having buildings insurance in place would normally have been a condition of your mortgage. A good buildings insurance policy should cover you for fire, flood, subsidence, storms, lightning, theft or vandalism, escape of water and oil, and damage caused by falling trees, branches or other objects.
Contents insurance
This covers practically everything within your home including furniture, household goods, food and drink, TVs, computers, clothing and valuables, usually up to a stated limit. This type of insurance is not compulsory and no mortgage lender can insist you take out contents cover.
This policy pays out if any of your home contents are lost or damaged, following a burglary or a fire, an explosion, leaks or vandalism, and also for accidental damage.
Most policies may be extended to cover accidental damage or loss of valuable items you frequently take out of your home, such as jewellery, cameras and sports equipment. This is known as an 'all risks extension'.
Many people often opt for the ‘cheapest’ policy when buying home insurance without realising that if a claim were to arise they may not be covered for what they expected.
We can guide you through this and give you a clear idea of what items you are or are not covered for through the policy.
Contact us today for a free, no obligation, initial meeting.
Click here if you have a financial services question on your mind and we will try to provide an answer as soon as we can.
For more information on home insurance contact Kate Beale on:
Tel: 01206 871120
Email: kate@bgafs.co.uk
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