If you own your home, buildings insurance will cover you if your home is damaged or needs a repair to permanent fixtures, such as kitchens, bathrooms, plumbing, etc. Contents insurance will cover the possessions you keep in your home, from furniture and electrical equipment to jewellery and clothes. If you’re a landlord, it’s your responsibility to have a buildings insurance policy in place – your tenants are responsible for getting cover for their personal effects.
Buildings insurance will cover the cost of repairing your home or rebuilding it if its damaged by anything from a falling tree or oil leak to fire, water damage or flooding. Policies vary according to provider, so always check carefully to ensure you’re covered for every eventuality – failing to do so could result in incredibly high costs, particularly in the case of subsidence or natural events like a storm. Frost and pest infestation or wear and tear is likely to be excluded from your policy so, again, double check your T&Cs.
Contents insurance is usually deemed to mean things that aren’t attached to your property and will cover you in the event of loss or damage, including theft, fire and flooding. Accidental damage cover and cover while you’re abroad are often optional extras so always check your policy wording carefully. As with buildings insurance, contents insurance won’t cover such things as wear and tear and the structure of your home. Your contents insurance policy may have a single item limit of £1,500 so, if you have any valuables like jewellery, art or technical equipment that’s worth more than that, you may need to buy extra cover for them in the home or while you’re away.
If you make a claim, you’ll have to pay an excess, which is the minimum amount you’ll need to pay for each claim you make. The cost of your insurance premium may well rise the year after you make a claim so weigh up whether it’s worth going through with a claim first.
If you’d like to know more about buildings and contents insurance, please talk to our team of independent insurance protection advisers who have access to a great range of insurance products to suit your circumstances. Call us on 08454 500200 or click here to make an enquiry.