Home insurance is cover you take out to financially protect your home and belongings against things like loss, damage, and theft. It comes in two parts – buildings insurance, which covers the overall structure of your home, and contents insurance, which covers personal possessions on your property; which can also be extended to cover items away from your home.
You can take out both buildings and contents insurance as separate policies, or you can take them out as one combined home insurance policy with one provider.
What does home insurance cover?
Your home insurance policy should provide cover for your home contents and your building (if you own the home). You’ll usually be protected against:
Fire damage: Cover for the cost of fire damage to both the structure of your property and the belongings you have
Flood damage: Cover for costs resulting from damage caused by flooding caused by rainfall or an overflowing river
Storm damage: Cover for your home in the event of a storm – however insurers may differ in how they define a storm, and what damage they will cover
Burglary: Cover for the cost of replacing stolen items and repairing damage resulting from a burglary
Vandalism: Cover for criminal damage and vandalism to your property
Burst pipes and escape of water: Cover for damage caused by escaped water as a result of a burst pipe
Subsidence and heave: Covers damage to the structure of your home, and the cost of related repairs, resulting from subsidence or heave
What does home insurance not cover?
Wear and tear
Lack of maintenance
Deliberate damage
Damage caused by pets
Mechanical or electrical breakdown of old appliances
Gradually
What type of home insurance do I need?
Aside from covering your building, you can also get other types of home insurance for additional protection you might need:
Buildings insurance: Buildings insurance covers the structure of your home and its permanent fixtures and fittings – this means walls, roof, floors, built-in wardrobes, bathroom suites and fitted kitchens, as well as any extensions
Contents cover insurance: Contents insurance provides a level of cover for your personal possessions kept in your home – including everything from carpets and curtains to furniture, clothes, gadgets and more
Holiday home insurance: Holiday home insurance offers cover for a property you use for part of the year, which is then empty for the remaining time
Listed building insurance: Listed buildings are recognised in the UK as having particular historical interest, or having special architectural feaures. This can make your home unique and distinct, but it also means your property may be more difficult or expensive to insure
Non-standard property insurance: Non-standard properties often won’t qualify for cover under a standard home insurance policy. This includes properties with non-standard construction, those that are at a high risk of flooding, subsidence, or heave, or if it’s of particularly high value
Unoccupied home insurance: If you leave your property unoccupied for a long stretch of time – usually over 30 days – then your normal home insurance policy won’t cover you. You’ll need a specialised ‘unoccupied home’ policy that offers protection for the unique risks posed by leaving your home unoccupied
What extra cover can I get with home insurance?
When you take out home insurance, you’ll have the option to add on extra cover to bolster your policy – keep an eye out for the following:
Accidental damage: An accidental damage policy can be useful for situations like spilled wine on carpets or DIY mishaps – offering cover for damage that isn’t usually covered by standard home insurance
Legal protection: A home insurance legal protection policy can help with home-related legal costs you might face, like conveyancing, or disputes with neighbours or tradespeople
Home emergency: Home emergency policies give you extra cover against surprise costs like plumbing and heating issues – often referred to as boiler cover – as well as problems with lost or damaged keys, pests, and broken windows and doors
Away-from-home: Away-from-home cover offers additional protection for your personal belongings, like laptops and mobile phones, against theft, damage and loss while you’re out and about. For higher value items these may need to be listed.
Bicycles: Bicycles might not be covered under standard home contents insurance, so you’ll likely need to take out extra cover to protect against theft and repair costs
Do I need both buildings and contents cover?
It's not always necessary to purchase both buildings and contents insurance to properly protect your home. It is not a legal requirement to purchase any type of home insurance, and there are cases where you may benefit from only taking out one type of cover.
If you don't own the building of your property – for example, if you bought a flat – then you don't need to purchase buildings cover. It's the responsibility of the building owner to insure the building. You would only need to worry about your belongings, which means that you only contents insurance.
How to reduce the cost of your home insurance
There are some factors that affect the cost of your home insurance that you just can't control, but there are also some that you can. There are a few ways to reduce the cost of your home insurance:
Improve your home security: Upgrading your locks and installing smoke alarms benefit you in more ways than just reducing the price of home insurance
Increase your excess: When you increase your excess your policy price goes down, but it also means that you cover more of the cost when an incident occurs
Pay annually: Rather than paying month, paying annually can work our cheaper, so it's worth it if you can afford it
How to select the right home insurance policy
Selecting the right home insurance policy is crucial in ensuring you have the cover you need at the best price possible. It’s important to compare the protection each policy offers, the amount you’ll be covered for, and any exclusions.
Remember the cheapest policy isn’t always the best option – it’s better to look for a deal that offers everything you require from your home insurance.
Get a quote- https://www.lion-insurance.uk/contact-10
Contact us:
jackie@Lion-insurance.com
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