Home insurance is a very important component of home ownership. If you’re new to home ownership or renting, this quick guide will help you to take action.
Home insurance sounds pretty straightforward and so it should be. However, home insurance isn’t only for home owners. It can also be very relevant in the rental market.
House Insurance Vs. Contents Insurance
House insurance is one type of home insurance option that is available. The other is contents cover. These policies can either be bought individually or combined. While neither are legal requirements, it is important to protect your property and your belongings, so both are a good idea.
Let’s begin by taking a look at buildings insurance. This is designed to protect the physical property, including the likes of fitted kitchens, and all of the permanent fittings and fixtures. Policies from insurance companies can also include the likes of accidental damage to underground pipes, as well as garages, sheds and greenhouses.
However, this is something you will need to check in the policy’s terms and conditions. If you are renting a property, this is something you will not need to be concerned about, as the landlord should have building insurance in place.
The vast majority of these policies will cover any damage that is caused by malicious damage, storms, theft, subsidence, fire or floods.
For example, if you need a company like Hilton Electrical Services because of storm damage. While buildings insurance is designed to protect the physical property, contents insurance is designed to protect everything inside it.
This is why both policies combined offer ultimate protection. Contents cover will provide you with a payout if damage is caused by an explosion, water leak, vandalism, or a fire, or if any of your personal belongings have been stolen.
You can expect the following to be covered: personal items and valuables, television and electrical items, kitchen equipment, household goods and furniture.
Your Home Insurance Questions Answered
There are different home insurance policies available – buildings insurance, contents insurance, or the both combined. The latter is definitely advised.
No matter what type of home insurance you are interested in, you will probably have some questions that you want answered. We aim to answer them in this section.
Will I be covered if I leave my home unoccupied? The vast majority of insurance companies will agree to cover your home when it is unattended, so long as this is not for a period of time longer than 30 consecutive days, as you are increasing the risk by being away from your property for an extended period of time.
What is excess? Excess is the sum of money you will need to pay towards any claim you make on the insurance policy. This will be a pre-set amount. However, you will often be able to pay voluntary excess on top of this in order to reduce your premiums, so this is something definitely worth thinking about.
What exclusions should I look out for? Common exclusions include any losses due to a theft in a property that is sublet, high-value items, as well as covering the cost of damage to just one piece of a furniture set.
Insurance Home Redecorating
Award-winning interior design firm, Plush Design Interiors, work with home owners who have home insurance claims for redecorating and rebuilding. If your home needs new decor or building works due to an insurance claim, please contact Penelope Herbert for obligation-free information.