Home insurance offers the peace of mind that your house is covered against fire, theft, floods and natural disasters, and can be broken down into two areas – buildings insurance and contents insurance.
Buildings insurance is an insurance policy that covers the financial costs of repairing physical damage to your property. This includes the roof, floors and walls, as well as any fitted or permanent kitchens – such as a fitted kitchen. A typical policy will cover damage that is out of the homeowner’s control, such as flooding, fires, explosions, vandalism or storm damage. However, it’s important to consult an expert to ensure that you are getting the best coverage.
In most cases, buildings insurance is a requirement for your mortgage. Not having a policy in place could put your mortgage and new home purchase at risk.
As for contents insurance, this policy is essential for anyone wishing to cover the items inside your home that are not part of the structure – such as carpets, curtains, furniture and your major appliances such as TVs, fridges and washing machines.Typically, you will be covered against fire, theft and water damage, but like all insurances, this can vary from policy to policy.