Most people will have some kind of home insurance cover, whether it’s contents insurance, building insurance, or both. Many first time homebuyers will be offered insurance along with their mortgage, but in many cases this is not compulsory and a cheaper option and one that meets all your needs may be available elsewhere-so shop around.
Before buying home insurance have an idea of the type of insurance you need, and how much you are willing to pay.
If you already have insurance, does it cater for all your requirements?
Many people just renew their insurance when they get a letter through the post reminding them that the cover is ending soon. But very few people think of looking to see what other insurance companies have to offer, and they may be missing out on reducing their monthly payments, or getting more benefits for the same payments.
So what kind of insurance can you get and what does it cover?
The usual household contents insurance covers the normal items like;
- Storm Damage
Some companies offer other cover and services at no extra cost for items like:
Some companies may offer one or more of these services at no extra cost, so do look around to find one that suits your needs. If you feel that the cover limit you have is too little to replace the possessions you have, you may be able to decide on your own sum insurance. Payments will normally increase if you choose this option.
- Rebuilding costs
Rebuilding costs for homes with up to five bedrooms can vary, but cover can be up to as much as £400,000. If your home has more than five bedrooms you will have to choose a figure you want to insure it for.
Many companies also offer cover for less obvious causes of damage;
- Damage to your property caused by a collision involving a vehicle.
Some companies will offer these as part of your normal cover, while others may charge an extra premium.
Other items that may be included:
Additional cover can be added to most policies-the fees for these will vary between companies.
These are just some of the areas covered by home insurance. Some companies will offer more benefits and different types of cover.
So as you can see, it pays to shop around for the best deals and types of cover available, so you can find one that is suitable for you.