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What You Need to Know About Home Insurance

What You Need to Know About Home Insurance

You should have the best home insurance to suit your needs. Most householders will want a policy that covers building and contents. If you have a mortgage then building insurance is usually a requirement of the mortgage contract as the lender will want to protect his or her investment.

Once you have home insurance it is all too easy just to keep renewing your policy each year rather than researching the market to see if you can get a better deal from another insurance provider. Building and contents insurance can be had on one policy or you could have two separate policies.

Building insurance means that you are insured if a disaster happens and your home is flooded or burned down. You may also want to protect your belongings with contents insurance. If you own your home then you are responsible for insuring it but if you rent a property it is usually the landlord who is responsible for insuring the building.

The Cost of Building Insurance

Insurers will need to value your property as the style of house and the location of the property will have bearing on the cost of your policy. The market value of your home and the value for which it is insured are usually different. Building insurance is not static and will often rise annually to keep pace with inflation. Most householders with loft conversions will need to increase their cover to include the extra living space.

If you decide to have a loft conversion you need to check that the work done complies with building and fire regulations or it may be uninsurable. A good building insurance policy will cover virtually anything major that can go wrong with a home; besides fire and flood you will need cover for subsidence, burst pipes and damage done to your home through falling trees etc.

The cost of building insurance can vary significantly from one provider to another so it is always a good idea to shop around for your policy. The rise of the internet has made this search much easier as you can compare all the different prices online before you contact an insurance company.

Contents Cover

Whether you own or rent your home it is in your own interests to have a policy that covers the contents of your home. Policies differ from one provider to another and it is not always cost that you should go by. Some insurers offer a more inclusive cover, including the things that you take outside such as jewellery, money and bicycles.

Unlike buildings insurance, contents insurance is not mandatory but it is in your own interests to insure your possessions and the contents of your home. If you are burgled then the cost of replacing possessions can be quite high, contents cover can make the monetary cost considerably lower.

Just as with building cover you should shop around for contents insurance. Policies that cover you for damage as well as burglary and loss may cost a little more, but you’ll be grateful for it if you have to deal with the replacement costs. The best advice is to shop around for the most comprehensive policies rather than those with the cheapest premium.

This guest post came from Amy Fowler for Buckley Loft Conversions: loft conversions Shropshire.

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