Our home and its contents are for most people the most expensive purchase they will ever make, however understanding and arranging the correct cover for your house and contents insurance is not always given the time it deserves for such a valuable and personal asset.
What is House and Contents Insurance?
House and Contents Insurance are divided into two areas:
- Buildings Insurance – this covers the structure of your home and also includes fixed items such as bathrooms and kitchens
- Contents Insurance – This covers the portable assets of your home i.e. if you moved house anything you took with you would be contents plus carpets and curtains
What is covered by a House and Contents Insurance?
A basic house and contents insurance will provide protection for your home and its contents against events such as fire, theft, escape of water, impact, flood and a number of other events. However there are optional covers to consider when purchasing house and contents insurance and these are as follows:
- Accidental damage cover – this extends the basic cover to include accidents such as spilling paint or red wine on a carpet or breaking a bath or hob by accidentally dropping something on it
- Personal Belongings cover – this provides cover for items that you take away from home on an international basis. Typically items up to either £1,000 or £1,500 would be covered and any items above that value would need to be specified. Items insured under this section might include watches, jewellery, baggage, sports equipment and portable equipment such as iPods and laptops
- Legal Expenses cover – In today’s increasingly uncertain and litigious society legal expenses cover is becoming increasingly important and popular. It will provide you with legal protection in the event of an employment dispute, property dispute or contract dispute following the purchase of goods or services
How much cover do I need?
House and Contents Insurance cover is arranged on a new for old basis, in other words the amount you insure for under the contents section should be sufficient to replace your contents as new.
With regards to buildings cover under a house and contents insurance the amount insured for should be sufficient to rebuild your home (it is not the value of your home) but the rebuilding cost. If you have a mortgage on your home your mortgage provider will generally provide a sum insured for the rebuilding cost.
The current estimates are that the typical family home now has at least £40,000 of contents and this is reflected in what insurers offer.
Typically insurers will now provide an automatic £40,000 or £50,000 of contents cover and £300,000 or £500,000 of buildings cover, thus avoiding the potential for under insurance.
Obtaining a Quotation
As independent insurance brokers for home and contents insurance we have access to a wide range of products and leading home and contents insurers. We are able to give you advice on what best suits your needs and help in the event of a claim or incident occurring.
To make sure you get the right level of cover for your house and contents insurance we recommend making a list of all your contents and valuables. We’ve put together a simple to use valuation guide that you print off and fill in as you walk around your house.
Click here to get our free valuation guide
For further advice on home and contents insurance or to obtain a quotation please call Tel: 01489 579808 and speak with Lisa Buckley or Christina Foulds.
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