subject: Living Without Home Buildings Insurance Could Mean The End Of Your Life As You Know It [print this page] Let's face it it would be far better to spend your money down at your local rather than spending it on insurance, but if disaster ever strikes, the only thing you'll get from the locals is a bunch of sympathetic words. They may even organise a collection, but it's unlikely they'll raise enough cash for you to rebuild your home, or even to replace all your belongings.
Just for a minute, try to calculate how much the contents of your home are worth. You've probably spent tens of thousands, so if the lot got stolen, do you have enough cash set aside to replace everything? If a fire breaks out and ravages your property, could you in all honesty pay for the repairs out of your own pocket, especially if you need to actually rebuild your home from scratch.
There are thousands of people living in the UK who've had their lives destroyed by some form of disaster, and the sad truth is that for them, things could have been very different if they had had home building insurance. Having proper cover in place means you can leave the worrying to the insurance company.
If your home ever gets destroyed, the insurance company pays for a new one to be built. If thieves break in and make off with all your valuables, the insurance company covers the cost of replacing them. With the proper type of insurance in place, even your meat and eggs in the refrigerator are covered.
Admittedly, no insurance policy can bring back things which were of sentimental value to you, but good home building insurance can certainly help to restore normality in your life. Don't forget, your policy will usually include both buildings insurance and contents insurance. The first type typically covers the building itself, together with outbuildings and all irremovable fixtures such as built-in kitchens, baths, shower units, and etc. Contents insurance on the other hand is just as the name implies, in that it covers all the contents of your home against loss and/or damage.
Interestingly enough, several surveys have shown that most home owners are either under-insured or over-insured. Some people take out too much cover in the hope that if something does go wrong, they'll be able to claim more from the insurance company. Unfortunately, it doesn't work that way, and the insurance company will never pay more than they need to.
Instead, you will simply have wasted money on inflated premiums. On the other hand, if you under-insure your property in order to keep your premiums down, you may end up in a situation where the insurance company won't pay you out enough to replace all your belongings should the need arise.
If your home has been completely destroyed, and you have failed to insure it for the correct amount, the claim you receive probably won't be sufficient enough to rebuild from scratch. As such, these are things you need to discuss with your potential provider before you go ahead and sign anything.
Protecting your most valuable asset is not as expensive as some would have you believe, particularly if you're willing to shop around for buildings insurance quotes from a number of companies.
by: Tom Jones
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