Home Insurance

What is Home Insurance?

Home Insurance is a type of insurance policy that protect you from the cost of damage to your home. This could include the cost of rebuilding your home or replacing damaged or stolen belongings.

Depending on whether you’re a homeowner, a renter, or a student, you may need a different type of policy.

Do I Need Home Insurance?

In the UK, home insurance is not a legal requirement. However, it’s wise to have a policy no matter what type of housing you live in. Additionally, most mortgage providers will expect you to have a policy.

If your house were to burn down tomorrow, would you be able to cover the costs of rebuilding it?

If the answer is no, then you should consider taking out a home insurance policy.

What type of Policies are there?

There are a few different forms of home insurance for different purposes. Depending on your living situation, what you need may differ.

Buildings Insurance

Buildings insurance covers the structure of the property and can include assets like driveways and patios. This type of cover protects the homeowner from damage such as fire and flooding.

If the structure of your property if damaged, buildings insurance will pay-out the cost of repairs. So, if your conservatory is damaged is strong winds, your buildings insurance policy may cover the costs of repairs.

Contents Insurance

Contents insurance covers the cost of damaged or stolen household items.

Think about buildings insurance as insuring the bricks and everything outside the house; and contents insurance as insuring everything inside.

Despite this, it’s important to note that for expensive items, you may need to declare expensive items or insurance them on a separate policy.

Combined Policy

A combined home insurance policy includes both a buildings and a contents insurance policy rolled into one.

Often, homeowners need both types of policy, so getting both together can save you money on your monthly premium.