What should I think about when considering home insurance?
Home insurance covers both buildings and contents – you can buy both as a package or you can buy them as separate policies. If you rent you may only need contents insurance as your landlord is responsible for arranging buildings insurance – but always double check. You don’t need home insurance by law, but if you have a mortgage it may well be a condition of your mortgage provider that you have buildings cover at the very least.
If your home isn’t made from the usual bricks and mortar, then the building itself is something you’ll need to pay particular attention to. Homes that are slightly unusual, such as one that’s listed, made of stone, is timber framed or has a thatched roof, are usually classified as ‘non-standard’ and your policy will need to reflect this. Non-standard homes can be more expensive to insure because they use specialist materials and workmanship, and can cost more to repair.
Another major consideration includes particularly expensive items, such as jewellery, antiques or furniture. You’ll need to tell your insurance provider about any items that exceed your single item limit and in most cases, you’ll need to itemise them separately on your policy to cover them.
Bear in mind that there’ll be some things your home insurance policy most likely will not cover, such as general wear and tear, frost damage and any damage caused by pests.
Also, don’t make the mistake of over or under insuring your home and belongings. Try to be as accurate as possible – our guide to estimating the value of your possessions might help.