Home insurance covers you against the costs of repairing or rebuilding your home or replacing its contents.
It can be very expensive to repair and rebuild your home after it is damaged or destroyed, and the average value of contents in a three-bedroom family home is estimated at £55,000. Home insurance protects you from needing to pay these costs yourself.
Do I need it?
Most mortgage providers will insist you take out buildings insurance as a condition of your loan. You should still consider buildings cover even if you own your home outright as it can be very costly to repair or rebuild your home after damage. If you rent your home, buildings insurance is the responsibility of your landlord.
Regardless of the above, you should also consider contents insurance to protect your possessions.
What does it cover?
Home insurance comprises buildings insurance and contents insurance. These are usually bought together under a single policy, but can be purchased individually.
Buildings insurance covers the structure of your home and any permanent fixtures and fittings. If your home is destroyed, buildings insurance can cover the cost of:
- repairs to the buildings structure, including plasterwork and flooring, or rebuilding the entire property if necessary
- replacement bathroom suites and fitted kitchens
- drying out the property after flood or escape of water
- alternative accommodation if you can’t stay at home during the repairs
Contents insurance covers the cost of repairing or replacing your possessions which are damaged or destroyed as a result of an insured event (e.g. flooding, storm, fire, escape of water, theft).
Cover can be extended to include accidental damage.
Contact us to find out more or to get a free, no-obligation quote.
Covers vary so always read your policy documents carefully.