For most of us, buying a house will be the largest purchase in our lives. With that in mind, it’s only natural that we should want to protect our home from any danger that may befall it. Home Insurance grants us peace of mind knowing that we are covered in the event of an accident and that we won’t be left picking up the pieces if things go wrong.
However, like all things in life, home insurance is not ‘one size fits all’ and it’s important to know what is being covered and when – so that there are no unpleasant surprises in the event of a claim. We have complied a list of top tips relating to Home Insurance so that you can be in the know regarding your own insurance.
- Buildings Insurance is the minimum level of cover that you can have for your house.
- It covers the fundamental foundations of your house such as the roof, walls, windows, doors etc.
- If your home is damaged to the point you must seek temporary alternate accommodation, your insurance will usually also pay the cost of you having to rent or live elsewhere.
- For prospective mortgage applicants, obtaining Buildings Insurance is a requirement to receive your mortgage.
- This cover insurers your house for the amount it will cost to rebuild it and building costs will inevitably fluctuate; engage with your broker regarding rebuild costs and they will keep track of your house’s insured amount to guarantee that you are not overpaying for your cover or are underinsured should the worst happen.
- Contents Insurance covers (yes, you guessed it) the contents of your home. This ranges from your appliances to your furniture and includes the likes of cash being stolen from your home.
- Contents Insurance does not have to be included on the same policy as your Buildings Insurance; so ask your Insurance Broker to shop around as different insurers may quote better prices or cover certain valuables that others may not.
- Take the time to accurately assess the value of your belongings, as a miscalculation could lead to you not being compensated fully for their loss.
All Risks Cover
- This is an optional add-on to most home policies that will protect your belongings from theft or damage both inside and outside of the home. All Risks policies will also oftentimes cover your belongings for a specified amount of time abroad.
- ‘All Risks Cover’ is divided into ‘Specified’ and ‘Unspecified’ cover where the former requires you to submit a list of items to be protected along with their individual value. The latter, which entails you submitting a total amount of cover for your belongings each year, allows you to insure your valuables without needing to specify them individually.
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