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Why you might need home insurance?
You will need home insurance if you own your home or you rent out a property. In some cases, your mortgage advisor might make this is prerequisite. In this case, you could put your home at risk if you don’t take out home insurance.
If you rent your home, you don’t need to worry about buildings insurance, as this will be the responsibility of your landlord. However, it is strongly advisable to take out content’s insurance, even if you are just renting property.
If anything happens to your home and/or the contents of your home, you won’t have any protection without home insurance. Ultimately, you could be left with nothing.
It is important to get buildings and contents insurance quotes, so you can compare lenders. Get in touch with TCF Financial Planning today so he can help find the right lender for you and your family.
Buildings and Contents Insurance Explained
Buildings insurance protects the fixtures and fittings of the home, whereas contents insurance covers the items you keep in your home, such as your TV, computers, couches and tables. Any damage to the building will be covered by buildings insurance and damage to the contents is covered by contents insurance.
Buildings insurance will cover any repairs which need done, if your home becomes damaged. Every insurer is different in what they will cover, however, it will usually include water damage, fires, smoke damage, vandalism or flooding. It is important to check out the detail of the insurance policy before you sign up and this is where TCF Financial Planning can help.
Contents insurance is another type of home owner’s insurance and this covers the contents of your home, so it is particularly useful for tenants and home owners. This includes your possessions and furnishings, such as electrical appliances, clothing and jewellery. Contents insurance will cover the cost of the repair or replacing of possessions, should they become damaged or get stolen.
Again, the terms of your policy will differ, depending on the lender. It is important to understand exactly what the insurer is offering, and we can help with this at TCF Financial Planning.
How much does Home Insurance cost?
The average cost of home insurance is £161.75 per year, which works out at around £3.11 per week (https://www.moneyadviceservice.org.uk/blog/how-much-is-the-average-cost-of-home-and-contents-insurance).
Contents insurance is around £59.22 per year. There are millions of households without any kind of insurance protection, which means that if the worst happens, there would be no pay out to cover the costs of repairs or replacements.
There is obviously the chance that you pay for the insurance and (hopefully) never make a claim but the consequences of not having insurance could potentially leave you in a very bad situation.
What information do I need?
If you are looking for home insurance, there is some information you will be required to provide to the insurance company. If you are looking for building’s insurance, you will need to let the insurer know the square footage of the home you wish to cover. The insurer will also require some information on the age and type of building.
The more information you have about the building, the better. If you have made any previous claims for home insurance, you should also let the insurer know about this. If you want contents insurance, you will be required to let the insurance company know the value of cover you want. This will depend on the value of the contents of your home.
We know how important it is to take out the right type of home insurance and our experienced advisors are there to offer you guidance and support, so you make the right decision to suit your needs.
Although home insurance is made up of buildings and contents insurance, there are various difference types of home insurance available, depending on your needs. These are some of the options:
Landlord Insurance
As the name would suggest, this home insurance is for landlords and it protects the landlord from damage to their property. Landlords insurance may include accidental damage to the property by the tenant and a loss of rental income. It is generally a combination of both buildings and contents insurance.
The contents insurance would protect fixtures or fittings, and there may also be some form of liability protection. Landlord insurance usually offers a lot more than normal home insurance, so it is more favourable if you rent out property and want that extra peace of mind. You don’t need to take out a landlord’s insurance policy, but it can be more beneficial than normal home insurance.
Listed buildings insurance
A listed building is usually one with historic interest and older buildings will usually be listed. If in doubt, your local authority will be able to tell you if the home is listed. Listed buildings are more difficult to make changes to and may need permission before doing so.
The reason for this is the historic value of the building and the need to keep it in its original state, as much as possible. Listed buildings are in short supply, which means listed buildings insurance is more difficult to find. Some listed buildings will be covered by normal insurance policies, but it is important to check before you decide which one to take.
At Finance Surgery, we can help you find insurance providers for listed buildings house insurance and to ensure you get the right option to suit your needs.
Student insurance
Student insurance is like normal contents insurance, although it covers your contents when you stay in a hall of residence or another student accommodation. The difference between contents insurance and student insurance is that with student’s insurance, you usually get cover for items which are often common with students, such as mobile phones and musical instruments.
Student accommodation is often more susceptible to theft and accidents, so this insurance is very specific. Of course, other policies may offer this, but it is important for students to check they get the cover they need. Some insurance policies will include student insurance, so students may want to check with their parents to make sure they don’t already have cover.
Over 50’s insurance
There are home insurance policies which are specific for over 50’s and these are often cheaper than normal home insurance. The reason for this is that over 50’s is less likely to make claims and when they do, they are more likely to be honest about them. If you are over 50, you may want to consider life insurance quotes over 50, as it may be more cost effective.
You may want the support of an experience advisor to give you advice on which option for life insurance over 50 is right for you. We can help give you expert advice at Finance Surgery, providing you with all the options to ensure you make the right choice.
Guest house insurance
If you have decided to open your home to guests, you will not be protected with just standard home insurance. Guest house insurance is designed to provide you with cover for your guest house, as this comes with more risks than a home. It could be your entire home or just a room, but you will need cover to protect your guest house from any damage.
The cost of your guest house insurance will differ depending on the insurer you choose to opt for, so it is worth looking around to make sure you get the right deal. Guest house insurance will usually cover damage caused by guests, so that if the worst happens, you have protection. It is worthwhile investing in this, so you can have peace of mind that you have cover, no matter what happens. We have advisors who can help you understand the options available to you and find the most suitable option for you.
Flood insurance
This is usually part of your buildings insurance and it is designed to give you protection for your property, in case of a flood. Flood insurance includes cover for removing debris and the repair/replacement of any damaged furniture or other belongings. In many cases, the flood insurance will also cover the cost of alternative accommodation, should it be necessary to move after the damage. Flood insurance rates will differ, depending on the lender.
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