Insuring your home
There are many home insurance products on the market, and it is important to think about your needs rather than just going for the cheapest possible deal.
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.
You should make sure that your buildings cover includes the cost of alternative accommodation in the event that your home is uninhabitable. It is also worth checking whether the policy covers the cost of rebuilding or if it gives 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 items within your home that you would take with you if you moved need to be covered by separate contents insurance. You do not have to have contents insurance, but a basic policy which covers your furniture, clothing, electrical appliances and floor covering.
If you have anything that is especially valuable in your home then a standard contents insurance policy may not include them. 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.
Both buildings and contents insurance will generally cover you for damage caused by fire, storms, flood, theft and vandalism, but higher levels of cover are available if you feel that it is necessary, for example accidental damage.
There are a lot of price comparison websites that will help you to find the best deal, so you are sure to find a policy with the appropriate level of cover to meet your needs.
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