subject: All You Ought To Know About Building And Contents Insurance [print this page] You will require a building and contents insurance policy if you wish to cover any damage that might occur to your house and its contents. This type of policy will also cover losses by theft etc. These policies are available separately however it is often a cheaper option to take the combined cover.
Mortgage loan companies will normally insist that you have a building policy. This protects them from loss if there is any serious damage or complete devastation of your house. When your mortgage has been paid up, the choice is yours. It will save you a lot of money if you retain this policy and it will cover you against any unexpected damage or loss.
Building insurance is cover for your house in case of an event where the damage to your house is so great that it needs to be rebuilt. You will not be covered if the damage was intentionally initiated by you. The normal cover would be for flood damage, damage by fire and water damage for example burst pipes and land subsidence. You will also be covered for damage caused by vandals. You should also be covered for any acts of God like lightning damage.
Insurance for contents will protect all the items you have in your house as well as in the outside buildings. This includes furniture, sound equipment, computers, jewelry, appliances and clothing. You could even have the contents of the fridge or freezer covered. The loss of items on your person can be claimed for even if it was stolen outside the home. This applies to things like jewelry, money, credit cards and laptops.
Some of the contents insurance items will be limited to a certain amount. Credit card losses that you sustain may be limited. If money is stolen during a burglary, the amount you can claim for cash that was in the house will be limited.
There are extras that are optional which you can include in the policy. This will cost you a bit more. Cover for any damage that you bring about personally while doing renovations or repairs to the house can be added. The same applies if there is any accidental breakage to any of the contents of the house.
You should do an assessment and calculation of the amount you require for cover as this value will affect the cost of the building and contents insurance. Other factors that will affect the cost will be the region that the home is in. Whether you have an alarm system will also affect the cost.
by: Max Pigford
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