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Finding Best Home Insurance Providers - Buildings & Contents

Distinguish between Building and Contents Insurance

Buildings Insurance protects you against damage to the bricks and mortar and permanent fixtures and fittings. It also usually covers outbuildings like your garage, greenhouse or garden shed. If you're a leaseholder, you don't usually need to have this cover. The freeholder does.

Contents Insurance protects you against damage to or loss of anything you'd normally take with you if you moved furniture, kitchen equipment, television, computer and audio equipment, clothing and valuables.

Both types of home insurance cover against a range of perils including fire, subsidence, theft, flood, lightning and storm. They also provide important cover for your legal liabilities as a homeowner. To read for more information - Click here...

Choose the right level of cover

Make sure you buy the right amount of cover, or any claim you come to make could be rejected or reduced pro rata. In other words, if you are under insured and in the event of a claim, the Insurance company could reject or only pay you a reduced amount. With buildings insurance you need to insure for the cost of rebuilding the property, which is likely to be less than its market value. You might find the rebuild figure on your mortgage survey or you can have it assessed by a surveyor. With contents insurance, there are two main ways to get cover. It's a good idea to get quotes for both types:

1. A bedroom-rated policy is based on the number of bedrooms your home has (often subject to a maximum amount of cover)

2. A sum-insured policy is where you work out how much cover you need, from which the insurer calculates your premium (regular policy payment)

If you need to use a calculater, you can find one here - Click Here

New-for-Old and indemnity policies

The better contents policies replace damaged or stolen goods on a new-for-old basis, which means you'll either be paid the full cost of repairing damaged items or the cost of replacing them with equivalent new articles if they are stolen or destroyed. Indemnity policies are cheaper but they deduct an amount for wear, tear and depreciation. Clothing and household linen can only be covered on an indemnity basis. A man's suit, for example, is only reckoned to have a life span of five years.

Add-Ons or Extras

You can pay an additional premium to extend your insurance to cover a range of things: -

Personal possessions (also called 'all risks') covers loss of items when they're out of the home, for example your handbag or camera.
Accidental damage. Standard contents policies include some cover for accidental damage, for example glass in furniture, but not accidental damage to goods or furnishings.
Food in your freezer
Bicycles
Personal money and credit cards
Legal expenses. To cover the cost of legal proceedings you need to bring or to defend a claim, typically in personal injury, consumer or property disputes

High-value items

It you have any valuable items, always check that these would be covered; if not, you may have to pay an additional premium. Some policies specify a certain value as 'high value', which may go as low as £1,000. You should keep proofs of purchase; you may be asked to get a valuation certificate for expensive items like paintings, antiques and jewellery.

Discounts

You may qualify to save money if you buy your buildings and contents insurance from the same company. Some insurers also offer no-claims discounts on contents insurance. Other things that may help you get a discount:

Fitting an approved burglar alarm
Secure locks.
Membership of a Neighbourhood Watch scheme.
Increasing the voluntary excess - an amount you would pay towards any claim.

Do Not Be Under Insured

Checking you're not under-insured
One in five people with home insurance runs the risk of being under-insured, and that could mean having your claim reduced or even refused. It can be the same with other types of insurance too, so take 10 minutes to check that you're adequately covered.

Before you begin: Dig out your documents Gather together details of the insurance cover you already have, such as home contents, buildings, life and income protection, and make a note of the sum insured in each case. Work out how much it would actually cost to cover your possessions, rebuild your home, and safeguard your family's income in the event of your death.

Make a list of your house contents
A typical family home has contents worth around £40,000 (think about all that expensive equipment like computers, hi-fis, and digital TVs). If your contents are worth £40,000 and you only insure for £20,000 then your insurer will only pay half of any claim and may even reject it altogether Make a list of everything in your home that you would take with you when you move, from clothes to kitchen appliances. The best way to do this is to go round each room systematically, list what's there and estimate how much it would cost to replace if you were buying new. Don't forget the loft, garage and shed. If you have valuable items such as antiques or jewellery, you may need to get a valuation from an expert.

Keep up to date
Don't forget that we all tend to accumulate things over a period of time. If you have children, you'll have a whole new range of furniture, gadgets and toys too. Remember to review the list regularly as you buy new things - five CDs a month can add as much as £800 a year to your contents total.

Use a guide
Most insurers have a guide to help you work out how much home contents cover you need. You can usually find these online.

Check the rebuild cost of your home
Make sure the sum assured on your buildings insurance is enough to meet the full rebuilding cost of your property (which may be different from the market value). Your mortgage survey may include the cost, or you can pay a surveyor for a cost, or use an online ready reckoner to help you. The Association of British Insurers has one on its website - CLICK HERE

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Home Insurance - Buildings & Contents

Finding Best Home Insurance Providers - Buildings & Contents

Distinguish between Building and Contents Insurance

Do Not Be Under Insured

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