We’re all told we must take out home insurance. We’re bombarded with advertising selling it and home insurance comparison options. But what exactly is it? And why bother? Why get a home insurance quote online?
Home insurance is the one thing that will save us financially in the unlikely event that something terrible happens. It’s the safety net that provides compensation if your home is damaged by flood or fire, for example. The insurance will cover paying for the repairs or replacement, and maybe even somewhere for you and your family to live while that work is being carried out. It also covers your belongings if they are damaged, or if they are stolen.
That means there are two parts to consider; your buildings insurance, and the contents insurance. What’s the difference? Put simply, if you were to move house, the contents are the things you’d take with you – your personal belongings. If you couldn’t take it – doors, windows, flooring, “fixtures and fittings,” then it probably falls under buildings insurance. So why not get a home insurance quote online?
There are always options. You can choose from:
Most mortgage lenders will insist that you have Buildings cover, although if you are renting you won’t need it as that would be the landlord’s responsibility to ensure adequate cover. Similarly, if you live in a leasehold property, it the responsibility of the freeholder to take out the insurance.
You don’t have to take out insurance but if you could not afford to replace lost or damaged possessions, or to undertake significant work on your home, then it is definitely worth considering
It is easy to combine the two elements in a single policy, or to keep them separate if you prefer, but make sure both are covered. Use Bright Compare to get a home insurance quote online and to compare home insurance options to see which suits you best. Maybe you will wish to include personal liability insurance as an extra, which would cover you in the event of someone injuring themselves at your home and making a claim against you.
There is so much variation and so many lenders that “off the shelf” is difficult to determine. There will be some ‘standard’ questions that potential insurers will ask you, and others will vary. Questions will look at the value and location of your home, even who lives there. Consider your belongings and if you have any possessions that are particularly valuable, because they might need to be listed separately. This could include expensive equipment for a hobby (a mountain bike or a camera, for example). You can generally use the figure of £1,000 as a guide – any single item worth more than that should be listed separately although policy provisions vary.
There is a great deal to consider in determining the cost of your policy. The average cost of a combined buildings and contents home insurance policy is around £150 per year. That depends on the value of your property and how much it would cost to rebuild. The value of your possessions is also a major factor. Insurers will also consider the likelihood of you making a claim, and if you are considered a higher risk, the price will go up.
Compare home insurance quotes and shop around, especially if you have some very high value goods (such as a top of the range television) or your home is in a higher risk area, either because of flooding, crime rates or another reason. Choosing separate policies could be cheaper, but might not offer the same cover.
A combined policy is made up of Buildings insurance and Contents insurance. Buildings, as the name suggests, covers everything that is associated with the structure of the building that is your home. That covers the structure itself and its fixtures, such as units in the kitchen, or light fittings and switches. You’ll see the term “accidental damage” in policies, and that type of damage is likely to be covered.
The policy is unlikely to cover DIY accidents or poor workmanship, so be clear on what is covered before you have any work done. It is good practice to know what is covered in your policy from the outset and you may need to make a home insurance comparison when you change insurers or renew your policy.
Your Contents cover insures all your possessions and furniture. Be realistic with your valuations of your possessions, and whether you want like for like cover or new for old. When getting a quotation, decide how much ‘out of home’ cover you will need for specific items that regularly leave the house with you. These may include a bike or laptop which might require specific additional cover.
If you have any questions or queries, we are here to help. Bright compare can help you to calculate the amount of cover you need and make sure your policy is right for you. We will compare home insurance quotes with you to help get it right.can help make the decision about Buildings, Contents, or combined, too. With a quick home insurance quote online.
Taking out a single combined policy can be more cost-effective financially, and in the event of a major incident affecting both your building and contents – fire or flood, for example – dealing with a single point of contact at one company can make things far easier when it comes to processing the claim.
Ready to get a quotation? You’ll need to have details about your property, including when it was built and how many rooms it has. We can help estimate the rebuild costs. You’ll need to disclose who lives in the house, and what sort of locks you have on doors and windows, as well as any other additional security such as an intruder alarm. Adding additional security can help lower your premiums.
We can also help you estimate the value of your contents, too. For many people, this is a lot higher than they think! Try not to over-estimate as that will push the premium up, but over-estimating is better than under-estimating.
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If your home has recently had a flood and suffered damage, you can still compare home insurance policies online. At Bright Compare we use the latest smart technology to calculate the best policy at the best price for each customer's needs.
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You should always compare home insurance, even if your home is near a tall tree. Visit Bright Compare and get instant quotes which are identified using smart technology. Simply enter your details and select the policy that is best for you.