What is it?
Home Insurance is an insurance product that protects your property and your belongings. You can choose between 3 types of policies, which are:
- Buildings insurance
- Contents insurance
- Combined buildings and contents insurance
How does it work?
Buildings insurance covers the structure of your property, including the roof, walls and windows. You are also covered for the permanent fittings inside your home such as, a fitted kitchen and a fitted bathroom suite.
Contents insurance covers the contents of your house, in the event of loss, damage or theft. It also includes things outside of your control like, floods, storms, theft, fires, subsidence and water leaks. You can insure valuable items like jewellery, bikes, laptops etc in and away from the home.
Depending on which policy you need, you can choose how much cover you need to protect your building, for example, how much would it cost to rebuild your house. You can also choose how much cover you need to replace all the belongings in your property.
You can add extra’s such as, accidental damage and legal expenses.
These factors will affect your monthly premium but are optional.
Why take out home insurance?
Mortgage – If you are applying for mortgage you wont be accepted until you have a valid building insurance policy in place. If you’ve had a mortgage for a while you should still have building cover because is disaster strikes, you don’t want to be in a position where you are not insured.
Your Belongings – Its important to have cover for your belongings. This will protect your belongings against theft, fire, floods etc. You can also insure some items away from the home as well.
How much does home insurance cost?
The cost of a home insurance policy will vary depending on a few factors. These factors are:
Value of your property and contents
Type of Home insurance (Contents, Buildings or both)