Home insurance is a general term used to describe the two different types of insurance for your home – Buildings and Contents.
Buildings insurance covers the building, permanent fixtures and fittings, such as kitchens and bathrooms. When you take out a mortgage to purchase a property, the bank will place a mandatory notice in the offer letter that you have to insure the building. They will also ask your solicitor to check that this cover is in place at the point of exchange of contracts which is when you are legally responsible for the property. Some property types – often apartments and flats, won’t require an individual buildings insurance policy. This is purchased for the entire building, and you pay for this as part of your maintenance fee. Our home insurance experts will be able to advise you if you need to arrange this policy for yourself.
A standard policy will usually cover your building for damage caused by weather, fire, or crime. You can choose to add accidental damage to the policy to cover for unintentional damage caused by an accident. For example, damage to windows, bathroom fittings or pipes and tanks.
Contents insurance covers the things that you keep in your home, such as furniture, electronic equipment, clothing, and some types of flooring, including carpets. Contents insurance is optional when you purchase a property. But if anything happened to the property – fire, flood, burglary would you be able to afford to replace everything that was damaged or stolen?
A standard policy will cover your possessions inside your home against damage or loss because of fire, flood, or burglary. You can also choose to add accidental damage to the policy to cover unintentional damage to your possessions. For example, a television or an ornament is knocked over and damaged. You can also choose additional cover to insure your personal possessions away from home.
Level of Cover
When buying both buildings and contents insurance you will need to select a level of cover (or value) for the policies. There are also other considerations like if the policy covers things on a “new for old” basis or takes into account wear and tear on the value of your items. With so many insurers and with so many different policies it’s important to understand the level of cover you have. Being “over-insured” could mean that you are paying more than you need. And being “underinsured” could mean you aren’t covered.
At 177 Protect our team of home insurance experts will ensure that you have the right level of cover for the property you are purchasing. They can discuss any additional insurance which might be suitable for your personal circumstance and your budget.
You don’t have to have used 177 Mortgage to take advantage of our expert advice on insuring your home. We will ensure that the right type and level of insurance is in place and that you have adequate cover. If this is part of a property purchase, we will also arrange for the proof of cover to be sent to your solicitors to make the purchase as smooth as possible for you.
Speak to our team about Home Insurance today
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