What does home insurance cover?
When you move into a new property, you will probably want to assess its value and
choose the right home insurance policy to provide the most effective cover. It's important to recognise the difference between the two types of home insurance when carrying out your assessment and getting quotes: buildings insurance and contents insurance.Both policies can be bought at the same time, or you may choose to find the best deals on each individually. However, for the most effective cover you should consider protecting both your buildings and contents, ensuring you will be covered in the event of loss, theft or damage.
So what's the difference? As its name implies, buildings insurance covers damage to the structure of your building itself as well as any permanent fittings, such as built-in wardrobes, kitchen units and bathroom fittings. It can also be extended to cover structures in your garden, such as fences and sheds. By contrast, contents insurance covers everything that could conceivably be removed from your home, including anything you would be able to take with you to a new property.
Being aware of what home insurance covers could help you a great deal when shopping around for quotes, as you may require additional features that will not be included in some standard policies such as accidental damage to pipes or cover for expensive valuables. Similarly, if you do not own the property you are living in, you may only require cover for your contents, as the building itself will be the responsibility of your landlord.
Your home contents is your own responsibility, so it's important to value them accurately or risk being under-insured. Remember that value can depreciate over time, just as inflation will likely mean you will need to pay a lot more to replace items than you paid for them originally. For these reasons, consulting up-to-date catalogues or websites could help you arrive at more accurate values. Most contents policies arrange cover on a new-for-old basis, with only clothing and linen subject to deduction for wear and tear.
Depending on your home insurance policy, your insurer should cover you against eventualities such as fire, floods, subsidence, storms, theft or vandalism, and you may be provided with alternative accommodation for a limited period if your home becomes uninhabitable. Your insurance policy doesn't only extend to repair and replacement costs, however, as you can also find policies that offer access to 24-hour customer service helplines that offer assistance for anything from repair advice to identity theft protection.
What does home insurance cover?
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