12th December 2018
We understand that protecting your family is your main priority – it’s ours too. Which is why it’s important to make sure you protect the roof over their heads. Whether you live in a one-bedroom flat or a 5 bedroom detached house, our guide will help you understand why you need Buildings and Contents insurance and what cover is right for you and your family.
Buildings and Contents insurance fall under tends to fall under the term ‘Home Insurance’, but you can buy both of these insurances separately or together under one policy.
Buildings Insurance covers the structure of your home. This includes the walls, floors, windows and the roof. Some policies will also cover damages to fixtures and fittings such as a fitted kitchen or bathroom suite. You can also add extras to your policy, such as accidental damage, for an additional premium.
What is not covered by Building Insurance?
It’s also important to consider what is not covered by Buildings Insurance. General wear and tear is not covered by most policies but, each provider’s exclusions and limitations are different so it’s important to look through your policy documents before buying.
It’s important to know that if you have vacated your home for more than 30 – 60 days, you may not be able to make a claim for loss or damage. However, if you let your insurer know in advance of going away, they may arrange cover.
As always, it is best to check with your insurer, as exclusions vary from one policy to another.
Why do you need Buildings Insurance?
If you’re currently renting, it’s unlikely that you will need to take out a Buildings Insurance policy as it is usually your landlord’s responsibility to sort. However, if you own your home, your mortgage lender will insist that you have adequate Buildings Insurance in place. If you are in the process of buying a house, you should make sure that you have Buildings cover in place before completion. If not, the lender may charge you for a Buildings Insurance policy that does not fit your needs.
Contents Insurance covers the loss or damage to all the things in your home which are not part of the structure or the building. The best way to understand what this covers is to imagine that you were to turn your home upside down. Everything that would fall out would be covered by Contents Insurance. This may include general items such as clothes, furniture and jewellery, as well as electrical goods such as TVs and washing machines.
There typically are some optional extras that could be added to your Contents Insurance policy such as ‘Accidental Damage’ and ‘Personal Possession.’ ‘Personal Possession’ will cover the items that you take outside from your home such as laptops, jewellery or mobile phones. Some insurers may also cover you when you go abroad. That means that if you lose or damage your personal possessions whilst away, you are still able to claim.
All additional extras will of course have a cost, so it is best to speak to an adviser to see where you might be able to make savings while still having the level of cover you need.
What is not covered by Contents Insurance?
Depending on your policy, your Contents Insurance may not cover general wear and tear of items or the structure of your home. It is important to note that some expensive items such as jewellery or art may not be covered, so you may have to take out separate Insurance for specific products.
Do you need Contents Insurance?
Unlike Buildings Insurance, it is not a requirement to have Contents Insurance if you have a mortgage however, it will reassure you that your possessions are covered if the unexpected happens. Common examples of ‘the unexpected’ include your home being broken into, a fire or a flood.
If you’re currently in the process of securing a mortgage or looking to get Buildings and Contents Insurance but are not sure how much cover you need, speak to one of our expert advisers.
All content is accurate at the time of publication