what is home insurance?
Home insurance, also known as house insurance, covers loss and damage to your house and household contents.)
For instance, if your home is damaged by an event like a fire, your home insurance may cover the cost of any repairs or replacements needed.
Home insurance comes in two parts, buildings insurance which covers the physical building and contents insurance which covers your belongings. (Source: www.gocompare.com)We want you to find the right home insurance at the right price. That’s why we search for quotes from over 60 UK home insurers. )
What Type of Home Insurance Do I Need?
There are two types of home insurance: buildings insurance and contents insurance. You can buy them individually or together as a combined policy. Which type you’ll need will depend on your circumstances.
Covers the structure of the property and its permanent fixtures and fittings e. fitted kitchens and bathrooms.
It may also cover driveways, patios, walls, fences, and any outbuildings including garages.
Accidental damage and items outside the home aren’t covered but can be for an extra cost.
If you need both, then taking out one policy with the same provider usually works out cheaper.
It can make things simpler if you need to make a claim too. For example, if there’s a fire it’ll be far easier to report it all to one insurer instead of two. (Source: www.gocompare.com)Buy home insurance with us and we’ll refund your excess if you make a claim. Excludes accidental loss and damage claims.
What’s Usually Covered?
Each provider will list its own coverage and exclusions in the policy documents. Only 82% of home insurance claims are successful,.
What’s Usually Covered?
Impact by vehicle, aircraft, animal, or flying objects.
Loss or damage if your home’s been left unoccupied. Cover for items worth more than the single article limit. Losses caused by negligence.
What Details Do You Need to Get a Quote?
Before you compare quotes with us, it’s a good idea to have some details about you, your home and your possessions at the ready. We’ll need to know things like:. The type of property, when it was built, distance from water, and any previous history of flooding or subsidence. Things like your date of birth, the number of people in your home, whether you’re away for long periods of time and details of previous claims.
The cost of rebuilding your home from scratch. This is usually less than the market value.
The type of property, when it was built, distance from water and any previous history of flooding or subsidence.
If you’re not sure, we can help you to estimate your rebuild cost. The value of the entire contents of your home. We’ve got a contents calculator to help you work this out.
Here’s the average cost of home insurance by policy according to GoCompare data:.
What Affects the Cost of My Home Insurance?
Your home insurance costs will depend on how likely the insurer thinks you are to make a claim, the value of your building or contents and the level of cover you choose. Insurers use a whole host of factors to calculate your insurance including:.
If you have a non-standard home it could cost more to rebuild. Even thatched or flat roofs can be considered more of a risk.If you’ve not claimed recently – or ever – you could be offered a no claims discount.
If you need to claim on your home insurance – for example, if your building is damaged by subsidence or your possessions are stolen – your free home excess cover will refund up to £250 of your excess. There’s no hidden charge. But you won’t be covered for things like accidental loss such as leaving a laptop on a train or accidental damage, such as spilling wine on your carpet or drilling through a pipe.
How Can I Get Cheaper Home Insurance?
Overestimating the value of your contents and the rebuild cost of your home will increase your premium. But if you’re in any doubt, it’s better to overestimate than underestimate.
You’ll be offered a variety of optional extras when you apply for home insurance. Remember the best home insurance policy for you is one that offers the cover you need at an affordable price. With monthly payments, you’ll have to pay interest and sometimes a finance arrangement fee, so it’ll be more expensive.
Who Needs Home Insurance?
Students living away from home may want student content insurance for any expensive kit they own. Share houses are regularly targeted by thieves, and the right insurance could protect you against theft.
If you let a room, annex or your entire property on a short-term basis, you’ll need short-term let insurance. It’ll cover any guest injury claims or damages caused by guests during their stay.
You’ll likely need standard home insurance too to cover your home for any non-guest-related losses.
Check Your Policy Wording so You Know What Cover You Have in the Event of Bad Weather
There’s not a lot you can do to control the weather, but you can minimize the damage to your property and help protect your belongings. Check your home insurance policy in advance of bad weather to understand what’s covered. If your home’s affected, make a note of the time and date so you can inform your insurer should you need to claim.
Many policies will specify what they deem a weather-related incident, so writing down details of the situation will help if you need to claim. Taking photos or a video of the damage – if safe to do so – can be useful to support your claim too.
You may need something more specific than standard buildings and contents insurance if you live in a property that’s high risk for example. More specific types of home insurance include:. A storm can highlight problems with your home due to lack of maintenance or wear and tear. If your roof wasn’t in the best state and damage occurs during a storm or high winds which wouldn’t have happened if the roof had been properly maintained, then it’s like you would not be covered for this.
If your property has a history of subsidence, getting insurance may be tricky and you’ll probably need to go to a specialist provider. Flood risk insurance can be a valuable investment for those looking to protect their home and contents from damage by flooding.
Cover for properties left unoccupied for more than 30 days can be costly and hard to find. Specialist unoccupied property insurance helps you find cover for properties left vacant for up 12 months. You’ll need to tell your insurer if your home is listed. You may find your choice of insurers more limited. Make sure you declare an accurate rebuild value.
If your home is not made from standard materials, you may require specialist home insurance. Features such as thatched roofs or timber-frames are widely viewed as non-standard by insurers.
Flood risk insurance can be a valuable investment for those looking to protect their home and contents from damage by flooding.
It’s important to itemize anything worth over £1,000. If you don’t, your insurer won’t pay more than £1,000 for it – this is known as the single item limit
Flat roof homes can be more expensive to insure than standard homes. This is because insurers consider flat roof homes to be at higher risk of water ingress, weather damage and burglary. You can add upgrades to your home insurance policy if you need them. You’ll have to pay extra for them, so think about whether they’re worth the extra cost.
This’ll cover you for claims due to accidents in the home like a spilt glass of wine on a rug or a smashed window. Accidental damage caused by children is usually included, but rarely pets and amateur DIY. Standard contents insurance will only cover your belongings while they’re in your house. If you want coverage when you’re away from home, you’ll need personal possessions insurance.
This’ll protect you against things like boiler breakdowns, electrical failure and blocked drains. It’ll cover the cost of calling out an approved tradesman to get your services up and running again, as well as any replacement parts needed. Help for the costs of legal proceedings that involve your home. Personal injury claims and property disputes with neighbors are times you may need to use them.
If your working situation has permanently changed, update your details. For example, if you’re going to be home during the day more often than before.
Consider whether you need add-ons like ‘cover away from home too. If you’re not planning to take expensive equipment out of your home, it could be an added expense you don’t need. Does home insurance cover me to work from home?.
If you work from home, inform your home insurer. You won’t necessarily have to take out additional cover, but not telling them could invalidate a future claim. When’s the best time to buy home insurance?.
Can I get insurance if my home is undergoing building work?.
You can, but you’ll need to tell the insurer about any building work or home renovations that are underway or planned to take place during the policy period. Insurers need to know about:. Structural alterations to the layout of the property, such as building an extension.
You don’t need to tell them about simpler refurbishment works, though. Things like redecorating or fitting a new bathroom or kitchen are fine to do without telling your insurer.