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.