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Home and Content Insurance - What you need to know 

If you want to take out home insurance, then you’ll be glad to know that it is not a complicated or drawn out process. The below guide should answer any questions you have.  

What is Home Insurance?

Home insurance is a type of insurance that protects both your property and your belongings. There three main types of insurance that you can take out, they include:

  • Buildings insurance
  • Contents insurance
  • Combined insurance

Buildings insurance will cover you for the building itself, such as the cost of repairing structural damage. This can include your roof, your walls, windows and even permanent fixtures. This can include your kitchen, your toilet and your bath.

As a very general rule, buildings insurance will cover the cost of rebuilding your home from the ground up. Contents insurance however will cover the cost of replacing all of the belongings in your home if they are stolen, damaged or destroyed. Ideally, your contents are whatever you would take with you if you happened to move.

The Difference between Buildings and Contents Insurance

The main difference between buildings and contents insurance is that buildings insurance will cover you for things like the roof, the floor or the walls. Your contents will cover you for anything inside the property, such as your freestanding appliances or even your furniture.

When you compare contents insurance and buildings insurance, it’s very helpful to think about what could be considered as contents and what could be buildings.  Depending on the policy you have, your outbuilding or your garage could be covered by your buildings insurance too.

What is covered by Home and Contents Insurance?   

Your policy should really cover things, such as fire damage, flooding, fire, storms, theft and more. You will need to pay extra if you want to cover possessions that you take out of your home, such as your camera, your jewellery or anything of particular value.

Most policies come with an excess, which means you won’t be covered for the first part of your claim. The typical excess is around £50 to £100.

Many policies come with a new for old cover option too, this means that you get the replacement cost of items which are lost or stolen. Some policies on the other hand will only payout for what your items are worth now.

Do I need Home and Contents Insurance?

You need to have home insurance, or buildings cover. Contents insurance is a personal choice. It covers you against loss, theft or damage to your personal and home possessions. It can also cover you if you take items out of the home, on holiday, for example. The insurance covers your own possessions and those of close family members living with you.

 If you don’t have it and you get broken into, or if something gets dropped or broken then you won’t be covered,

How much does Home and Contents Insurance Cost?

Assuming the average home has around £35,000 worth of possessions.  Based on an average home and contents insurance policy that would cost in the region of £162 per year or £3.12 per week.