UK Home Insurance, News

Home Insurance: A Quick Summary

The housing market is decreasing in value by the day. Whether you are already a home owner or you are a prospective buyer, it is important to make sure you are getting the best deals for all aspects of your home. One of the most important of these aspects is home insurance. Home Insurance is divided into two separate parts: Buildings Insurance and Contents Insurance. In its simplest sense, buildings insurance covers your four walls and roof, and contents insurance covers everything it's filled up with. Once you apply for a mortgage on a property, your lender will insist that you have buildings insurance, and some may offer it as part of the deal. Buildings insurance is based on how much your house would cost to rebuild entirely should the worst happen, and pays out if your house is damaged by fire, floods or subsidence, although depending upon the area you live in some things may differ (a good example would be on the coast for subsidence).  A lot of the time damage to sheds and greenhouses, bathrooms and kitchens are covered as they are permanent fixtures/ structures. Always make sure you inform your insurance company if you plan to extend your home. Contents Insurance covers the loss or damage of goods contained within your home, so things like your furniture, electrical goods and jewellery are all covered. It also covers items you may take out of your home, such as bags, jewellery or cameras. You are normally covered for fire damage and theft. With contents insurance, the more you do to keep your contents safe, the cheaper your insurance will cost, so consider improving your security by getting a burglar alarm, or putting locks on your windows. The most important thing to do is make sure you know exactly what you are covered for- you may have cheap insurance, but when disaster strikes you may not be as protected as you think. Make sure you shop around- the first offer is not always the best offer. Also check online for offers. Insurance companies also sometimes offer a discount if you arrange both your buildings and your contents insurance with them. Co-Operative Insurance do some good rates for home insurance- you'll get a 1/3 off your contents premium if you buy buildings and contents insurance together.  If you buy online you'll get a further 15% discount off your buildings and contents premium. Glasgow News : back to index Scottish Houses Edinburgh Homes Glasgow Houses