What does buildings insurance NOT cover?
You won’t be covered for general wear and tear, and exactly what is included will change from policy to policy. Unlikely to be included is damage caused by:
- Leaking gutters
- Insects, birds and pests
If you tend to go away for weeks at a time, be aware that your policy cover may be reduced significantly for the period that the property is unoccupied over a set period of time (usually 30 or 60 days). You’ll need to speak with your insurer if it’s going to be more than the standard amount allowed and they will amend your policy accordingly.
Do you need buildings insurance?
It is always advisable to have buildings insurance. In fact, buildings insurance will usually be a condition of your mortgage.
If you’re renting, it’s your landlord’s responsibility to sort out the buildings insurance. But you might still want to take out contents insurance to cover your possessions.
About contents insurance
Contents insurance covers loss or damage to the things in your home that aren’t part of the structure of the buildings. So it generally covers all your personal belongings, such as:
- Furniture, rugs
- Electronics like TVs, laptops
The level of cover you get depends on your policy, but usually you’ll be covered for fire, flood and theft with a limited amount of accidental damage cover. Full accidental damage cover is usually an upgrade with home contents insurance, as is personal possessions cover for items you take out of the home. So it’s easy to customise your insurance to suit you and your lifestyle.
Do you need contents insurance?
Unlike buildings insurance, your mortgage provider won’t insist on you having contents insurance, so it’s up to you whether you go for it or not. But you’ll be surprised how much your possessions can add up to. It’s worth knowing that according to The Money Advice Service, the average home contents are worth £45,000. And with contents insurance costing on average just £109 a year, it could be far more cost effective for you to make sure you’re covered.
At comparethemarket.com you can compare different home insurance options for your building and contents insurance, based on your requirements, at the click of a button. That means you know you’re getting the best policy at the right price for you. Leaving you plenty of time to go and do something really exciting…