With so many home insurance products on the market the choice can be baffling, and with big differences in the price of policies and the protection they give you, take time to think about your needs rather than just going for the cheapest deal available.
Many mortgage providers will insist on buildings insurance, which covers the cost of rebuilding your home in case of disaster. This is to ensure that they are able to recover the asset that is your home if you are unable to pay the mortgage.
Your buildings insurance should ideally cover the cost of alternative accommodation if for some reason your home is made uninhabitable. You should also be very careful to double check that the policy fully covers the cost of rebuilding rather than just giving you the market value of your property.
In addition to the physical structure, your buildings insurance policy should cover the permanent fixtures of your home, such as your bathroom fittings, kitchen cabinets and wall coverings.
Basically, anything that you would not or could not normally take with you if you moved home will be covered by your buildings insurance policy.The things in your house that you would typically take with you if you moved, such as furniture, electrical equipment and clothing, need to be covered by separate contents insurance. Your mortgage company will not require you to have contents insurance, but a basic policy will be inexpensive and could be the difference between a minor inconvenience and a major financial problem.
If you have any particularly expensive items in your home they may not be covered by a standard contents insurance policy. On the other hand, some policies will even cover you in the event that someone is injured in your home due to some failure on your part to maintain the property.
As with buildings insurance, the cheapest policies are not always the best value. Cheaper policies will only give you the market value of the goods that you need to replace, not what it will actually cost you to buy new replacements. So unless you would be happy to replace a damaged couch with a second hand one, you may wish to pay a little extra.
Contents and Buildings insurance will both normally cover you for damage or destruction of your property by flood, storms, fire, theft and vandalism, but higher levels of cover are available if you feel that it is necessary, for example accidental damage. If you have children in the home this can be very useful and well worth the extra premium.
There are a number of price comparison websites that will help you to find the best deal for you, and with so many different products available you are sure to find a policy with the appropriate level of cover to meet your needs.
It only takes a few moments to get our home insurance quotes online with Kwik Fit Home Insurance.
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