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Get Your Home Insurance Quote!
If you would like any assistance from the team at Coversure with finding the right home insurance for you, then please get in touch with your local office and our team of home insurance experts will be happy to help you get the cover you need at a price that's right.
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Coversure: The Home Of Home Insurance
Your home is so much more than just bricks and mortar. Whether you have a flat, a house or a mansion, home is where the heart is and you'll want to give it the protection it deserves. With home insurance, through Coversure you can do just that and you could also save money on your home insurance quote.
No one likes to think of anything untoward happening to their property, but it's a sad fact of life that fires, floods and other accidents happen and when they do you'll want to know that you have the property protection you need to put your house in order.
What Types Of Home Insurance Are There?
There are two distinct types of home cover which we will look at in turn;
- Buildings insurance
- Contents insurance
What Is Buildings Insurance?
Buildings cover pretty much does what it says on the policy tin; it protects your building's physical structure – the walls, the roof, the foundations as well as the fitted fixtures such as the kitchen, bathrooms and fitted wardrobes. A typical policy will help you should your home be affected by fire, flood, subsidence, water leaks, storms and other unfortunate events such as damage from a falling tree.
Depending on your location and your circumstances, you may wish to add some additional protection options to your cover. Popular ones include accidental damage, legal expenses cover in case you become involved in a legal dispute over your property - say with builders working on your property - and unoccupied property insurance. Unoccupied property cover is an essential extra if you are planning to leave your home vacant for an extended period of time; typically, around 30 days or more.
Is Buildings Insurance Compulsory?
It's a common misconception that buildings cover is a legal requirement but it isn't. However, as most mortgage providers will insist on you having it in place before they provide you with the funds, it's pretty much a must-have. Add to that the potentially catastrophic consequences of not having it in place and buildings insurance really is an essential protection.
How Much Buildings Insurance Cover Do I Need?
Many home owners believe that your buildings insurance policy should be enough to cover the market value of your home. The reality is that you only need enough to cover the rebuild costs of the property should it be burnt to the ground or devastated by a falling tree. The cost of rebuilding is often lower than the market value so you can afford to take out a lower level of cover. However, if you live in an unusual, listed or old property then cost of a rebuild may actually be higher than the market value as getting enough materials to rebuild a large property, Victorian brickwork features, ancient timber beams or sash windows can push up the cost of a rebuild significantly.
Avoiding The Property Underinsurance Trap
It's important to get your level of buildings insurance right. Take out too much and you'll end up paying for something you don't need. Take out too little and you run the risk of property underinsurance – a serious problem that affects around 20% of UK households according to the Association of British Insurers – and you could be left facing a hefty bill should the worst happen.
To make sure you get the right level of cover you can either talk to a building surveyor or simply ask your insurance broker to do so for you when you get your home insurance quote. It's also worth remembering to update your valuations from time-to-time, especially if you have work done as extensions, modernisations and simple inflationary changes can all leave you with less protection that you need.
What Is Home Contents Insurance?
Home contents insurance - also known simply as contents insurance – protects the things in your home. From your curtains to your TV, should they be lost or damaged due to eventualities such as fire, flood, theft or even an explosion or a lightning strike then your contents policy will pay for replacements.
When taking out a contents policy – be it as a standalone policy or as part of a combined contents and buildings home insurance package – you'll have a few options for your cover;
- New for old – this is pretty standard these days and it means that anything you lose will be replaced like-for-like with a new version
- Indemnity cover – this take into account wear and tear and depreciation of contents and in the event of a claim the insurer will calculate the current market value and pay you that, rather than the new replacement cost. While indemnity policies are cheaper, most people tend to go for new for old cover
- Accidental damage cover – accidents happen; phones get dropped down the loo, windows broken, carpets stained, vases smashed. If you have accidental damage cover as part of your policy then you can make a claim should an accident occur
- Personal possessions cover – with most of us now carrying mobiles, iPads, FitBits and a range of other gadgetry out with us, having a personal possessions option to your policy makes a lot of sense as it could cover these items when you are away from home
How Much Contents Insurance Do You Need?
This will obviously vary depending on your circumstances, the number of rooms in your property, the number of people living in your home and whether you have specific valuables such as jewellery, art, antiques or fine wine.
According to the Association of British Insurers, the average family estimates their contents at around £30,000 when in reality the cost of replacing everything would be closer to £60,000. Getting the figure right obviously matters should you need to make a claim and here are a few tips on how to get yours right;
- Go room to room – and make an inventory of everything you have, from carpets to curtains, lampshades to rugs, tablets to tables. Make sure you note everything so you know if the worst happens you'll know what you need to claim for
- Go outside – remember to check the garage, the garden and any outbuildings you may have if you want items contained there to be protected too
- Get item valuations – once you have the list, go online and get the price of everything. If you have an indemnity policy then either make an educated guess as to how much value they have lost or look on eBay and see what sort of prices second-hand goods are selling for
Check Your Cover Limits
Most standard home contents insurance policies will come with limits on items. For example, a policy may state that jewellery is only covered to a value of £5,000 and if you have expensive jewellery, including watches, that may not be sufficient cover. Also watch out for items that have appreciated in value such as wine collections. The fine wine market has been extremely buoyant in recent years. For example; a case of Château Lafite 2005 has gone from around £4-£7,000 since its release and such increases need to be factored in to any cover you have.
Your insurer will probably ask for details of any valuable items, and it is important that you give all the relevant information. If not, you could invalidate the policy and the insurer could refuse to pay out in the event of a claim.
How To Save Money On Home Insurance
Whether you are looking for buildings insurance, contents insurance or a combination of the two, there are ways of cutting the cost of high quality cover. Some of the best ways include;
- Reduce the risks – simple things like installing window locks, putting deadlocks on doors and ensuring trees are kept trimmed so limbs won't crash into the house can all help reduce your risks and therefore your premiums. Also make sure your property is as burglar-proof as possible. Security lights, keeping fences maintained and locking outbuildings and sheds will all deter thieves and so reduce the chances of a burglary claim
- Shop around… spend some time comparing quotes and covers. You may be surprised by how much you could save
- Better still, get someone to shop around for you – an independent insurance broker such as your local Coversure office, will not only be able to do the shopping around for you but they will have access to policies that aren't available to the public meaning they could save you time and money
- Say yes to a higher excess – if you have a good claims history, i.e. you have a history of not making claims, then a higher excess could be a good way for you to reduce your policy costs.
Non-Standard Property Insurance
Of course, not all homes are the same and some represent specific, 'difficult' risks to insurers which need special types of cover which is collectively known as non-standard property insurance. The most common of these policies are;
- Unoccupied property insurance – if your property is going to be left empty for more than 30 days' a time, your standard home insurance may not be valid. Coversure are experienced in this type of cover, so to find out more either click here to read about the unoccupied property insurance policies we can offer or contact your local Coversure office
- Insurance for self-build homes – since the launch of programmes like Grand Designs, self-build properties have become much more common. What these programmes don't tell you, however, is that it can be a risky business and a standard home policy is unlikely to be adequate if you are building your home from scratch. During the build you're going to have a building site which means you will want to consider public liability insurance and, if you are employing contractors, employers' liability cover. Once completed you may find that insurers will deem your property to be of non-standard construction or design and you may need a bespoke home insurance policy. If you are thinking of a self-build or if you are having trouble gaining affordable cover for your self-built home, then contact your local Coversure office and see if they can help you get an affordable self-build insurance quote
- Home insurance for flood-risk properties – we've seen more and more severe floods over the last few years. The combination of building on floodplains, wetter winters and an increase in the frequency of severe storms have all combined to make flooding a real issue for many homeowners. Owing to the cost of claims, some insurers have become reluctant to cover houses at risk from flooding and getting affordable cover can be a problem. Doing things to reduce the risk of water getting into your property – such as installing a flood board against natural points of entry such as doors and flood gates at the end of your drive – will help, but the best thing to do is talk to an insurance broker who has access to policies for flood-risk properties. Your local Coversure office will be able to help you find an affordable flood-risk property insurance quote.
