Home Insurance

What is home insurance?

There are two overall types of home insurance; buildings and contents insurance. Whatever your situation, our advisors can help you to get the best deal possible on your home insurance cover. Contact us today to get started or keep reading to learn more. 

What does buildings insurance cover?

Buildings insurance covers structural, permanent items such as the roof, walls, windows, fitted kitchens and bathrooms.

You should expect to be covered for damage caused by fire, flood, storm, subsidence, theft, burst pipes and falling trees under all building insurance policies. 

There are additional items that you can choose to cover under your policy, for example, accidental damage or legal expenses.

Typically your home should not be unoccupied for longer than 30 days annually, and policies tend not to cover wear and tear, acts of war or terrorism. 

Is buildings insurance necessary?

Buildings insurance cover is not a legal requirement; however, if you have a mortgage on the property, it is common for the lender to make this a mandatory condition.

You should make sure you have insurance in place for when you become the legal owner of the property. 

If you are a tenant, you don't need to worry about buildings insurance as this is the responsibility of the landlord. 

How much cover should I get on my buildings insurance?

In short, your buildings insurance policy should cover the rebuild cost of your home. 

The rebuild cost is different from the sale price as it covers the actual cost of rebuilding the property, which is often lower than the market value.  

The rebuild cost should be listed on your mortgage valuation, and it is essential to get this right to ensure you are not overpaying on your premiums of left with a shortfall. If you live in a listed or non-standard construction building, this calculation may be less straightforward. 

What does contents insurance cover?

The contents of your home can be worth tens of thousands of pounds, which many people don't take into account until they are buying contents insurance. 

The most straightforward way to value your contents is to go from room to room, making an inventory of your possessions, including curtains, furniture, carpets and clothes. There is often a limit on the payout for single items. 

If you are keen to replace old items with a new replacement, make sure this is included in your policy. Indemnity policies will take into account wear and tear, reducing the replacement value. 

Contents insurance protects against loss or damage caused by a range of events including:

• Theft 
• Fire
• Storms
• Lightning
• Flooding
• Water leakage
• Explosions 
• Earthquakes

Popular additions include accidental damage and personal possessions cover which covers named items such as your phone, camera, laptop etc. outside of the home. 

Do tenants need contents insurance?

While it is not mandatory, it is recommended that tenants take out contents insurance. By adding on accidental damage cover, this will payout in the event of accidental damage to the landlord's curtains or carpets, for example. 

Do students need contents insurance?

Possessions kept in student accommodation can also be at risk. Although it may not be at the top of your mind as a student, it is recommended that you consider contents insurance to make sure your possessions are protected while you are away at university. 

Insuring against the risk of flooding

If your home is at risk of flooding or has flooded in the past, it is highly recommended that you take out adequate insurance. During the heartbreak of your home being flooded, wondering how you will pay for repairs is the last thing you'll want to be doing. 

If you are at risk of flooding, you will be interested to know about Floor Re, which is a joint initiative between the government and the insurance industry. The aim of the scheme is to help insurance providers to offer more affordable policies for homes with a higher flood risk.

Flood insurance that is normally included with your buildings insurance will not cover your contents, meaning this needs to be insured separately. 

Flood insurance covers:

• Debris removal
• Professional services, for example, solicitors or architects
• Accommodation for the period that your home is uninhabitable
• Drying out, repairing and restoring the property. 

Will I be insured for subsidence?

If you have noticed any large cracks in your walls, you may be looking at an issue with subsidence. Mainly affecting homes in Southern England built on clay, properties that are vulnerable to subsidence will be more costly to insure. We would recommend a specialist broker to help with this. 

Home insurance for non-standard buildings

If your home is of non-standard construction, i.e., not built with brick walls and a tiled roof, you may find that you need specialist insurance. 

Home insurance for listed buildings

If you own a listed building, you will appreciate that features such as windows, doors or internal fittings are generally not straightforward to replace.

Insuring a listed building has particular nuances, and we would recommend getting specialist listed building insurance to ensure you are adequately covered. 

Insuring a thatched roof home

If you live in a thatched roof home, you may find that insurance is more costly.

This is because of the increased fire risk, which can quickly take hold of a thatched roof property. While there are specific protection measures you can take such as chimney lining or fire retardant coating, we would recommend that you take out thatched roof home insurance via a specialist broker. 

Insuring a holiday home

It is vital to get specialist insurance for your holiday home as they are unlikely to be occupied all year round. If you take out both buildings and contents insurance, you will be protected if your possessions are damaged should family and friends stay. 

How can I learn more?

Our team of experienced advisors have helped many people like you to get the perfect home insurance policy. We will carefully assess your needs to ensure your cover is adequate, get in touch today to get started.