All you Need to Know About Home Insurance

Home insurance isn’t a something you think about every day but it should be an essential part of home ownership. If you’re buying this kind of cover for the first time, or renewing an existing policy! It can provide valuable peace of mind that if something happens to your property or its contents, you won’t be left to foot the bill for any repairs or replacements.

It isn’t a legal requirement to have home insurance but mortgage providers will insist on seeing proof of buildings cover before they will agree to lend to you. Whether or not you decide to have contents cover too is up to you. But going without it could prove financially disastrous in the event that your possessions are destroyed or stolen.

Here’s some pointers that could make your life easier:

1. There are two types of cover:
– Buildings insurance covers the fabric of the building, along with any permanent fixtures such as kitchens and bathrooms
– Contents insurance covers your belongings e.g furniture, clothes and electrical items and types of flooring

2. Make sure you’ve got enough cover
With building insurance make sure that your home is covered for the rebuild value and not just the market value.
It’s important you get it right because undervaluing with your contents will leave you underinsured.

3. Protect your valuable items
Owning valuables like jewellery, antiques, collections or high-spec electrical items, then these may not be covered under the basic terms of your contents cover so check to make sure!

So…how much does home insurance cost?

According to MoneySuperMarket’s data the average price for overall home insurance in spring 2016 was £107 (March – May) or the equivalent of £2.06 per week. Although, buildings and contents premiums are widely spread depending on which insurer you go to and your personal circumstances.

Different insurers will provide different levels of cover in their policies. So keep an eye out for where the differences lie and make sure you get the cover that you need. You should never accept the renewal quote on a yearly basis without shopping around. Also you should never accept the renewal quote on a yearly basis as without shopping around. Use Give as you Switch to get a great deal on your home insurance policy from over 40 UK suppliers.