A good home insurance policy needs to provide you with adequate protection depending on your needs and based on the type of insurance you choose. Home insurance is typically taken to protect the shell of your property and the contents of your home in the form of buildings and contents insurance. For total protection, you may wish to choose both types and if you buy the policies together, it may work out cheaper in premiums.
When you consider the things that may go wrong, you begin to see why good home insurance is essential. Your home may be at risk of the following, which your buildings and contents insurance policy may protect against:
- damage or destruction due to storm and flooding;
- water leaks due to burst pipes;
- damage or destruction due to fire or explosions;
- smoke damage;
- damage or destruction caused by vandalism;
If your home suffered damage or it was destroyed by any of the above, without insurance, it typically costs you some considerable expense. If your home was destroyed and you did not have buildings insurance, the bill might run into hundreds of thousands of pounds to clear the site and rebuild.
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Buildings and contents insurance may be taken out separately. Your mortgage lender usually asks that you take buildings insurance out, but contents cover is usually your own choice. Both policies cover different things.
Buildings insurance typically provides protection for the following, though do note that what is covered by one insurer may not be covered by another:
- the shell of the property against one of the events insured;
- allows you to clear the site if destruction of your home occurred;
- rebuilding the property;
- fitted kitchens;
- fitted bathrooms;
- built in wardrobes;
- anything that is not removable from your home.
Contents insurance may cover the following:
- any appliances in your home;
- electrical equipment such as your TV, DVD player;
- furniture in the home;
- your clothing;
- the contents of your fridge and freezer;
- anything that you take with you if you decide to move home.
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Of course, when considering a good home insurance policy it is essential that you check the terms and the wording of the policy so that you know what cover you have and do not have. Search for the best car and home insurance plan that suit your needs.
A good home insurance policy may save you a great deal of financial worry but it is important to ensure that you have the correct amount of cover. Therefore, when taking out contents insurance you may want to go around your home and make a list of everything within it. This is to ensure that you do not under insure and leave yourself having to meet financial costs, if the worst happened.