subject: Do You Need Extras With Your Building And Contents Insurance? [print this page] If you are a home owner then you will already have building insurance that will cover you in the eventuality where your home may need a total rebuild. You might want to check whether your building insurance covers any liability for damages caused to a third party or their belongings because of problems with your home e.g. a falling roof tile.
Most people, whether they own their home or not, will have some kind of contents insurance. Contents insurance will cover the replacement cost of your belongings if there is a fire or other disaster or if everything is stolen. You should make a thorough inventory of all your possessions before you apply for contents insurance as it is all too easy to be woefully under insured.
If you are like most people then you are probably adding to the contents of your home all the time. There may come a point where you will need to raise the value of your contents insurance in order to cover all of your additional possessions.
There are a number of things that you might need besides building and contents insurance. Ordinary contents insurance will not cover you for everything and you may want to take out extra protection for certain things. If, like most people, you have a freezer with a lot of food in it, then you might want to consider additional insurance to cover you if there is a power cut or the freezer breaks down.
If you have a lot of expensive audio visual equipment in your home, then you may want to take out extra insurance to cover you for any accidental damage to these things. When you have children it is all too easy for things to get broken and unless you have insurance you may not be able to afford the replacement costs.
Although we may complain about the cost of insurance there would be a lot more to complain about if you had no insurance whatsoever. While it is not a legal requirement in the UK for you to have building insurance for example, your mortgage provider might make that insurance a condition of your mortgage. If you own a property then it makes sense to have the building insured. Your home is probably the biggest investment you will ever make, if there was a flood or a fire and your home was destroyed, then without insurance you could end up on the streets.
Home buildings and contents insurance doesn't have to cost the earth. If your building is well maintained and you take some security precautions when it comes to your possessions, then insurers will take this into account when assessing the cost of your premiums. Don't take the first insurance quote you are offered, shop around and get several quotations. It is a good idea to ask for recommendations when it comes to buying home insurance. An insurance company that charges a little more on its premiums but is quick to pay out on claims could save you a lot of worry as well as money in the long run.
by: Tom Jones
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