Home Insurance Overview
Whilst not mandatory home insurance is essentially an insurance policy you cannot afford not to take out, plus increasingly home loan lenders will now insist that you have a the correct home insurance home before they will approve a new mortgage, which is understandable!
Many of us will be burgled at some point in our lifetime, however 20% of UK homeowners still do not have a home insurance policy.
If the absolute unthinkable were to take place resulting in loss of your home to fire, or considerable damage due to flood then that's when having a home insurance policy is vital.
Usually when shopping for a home insurance policy you have to provide detailed supporting evidence about your home, its contents and basic security etc.
Inevitably some home insurance policies cost more than others due to home construction type, postcode, a location near flood plains or previous claims history.
Home Insurance Types
Buildings insurance
Buildings insurance requires details of the date of construction, the base, walls and roof construction materials and an estimate of the full rebuild in the event of a claim of total loss.
Landlord insurance
There are lots of areas that landlords should take into account that can be covered under this topic. Fire safety, auction properties, land investments, overseas property, commercial property, renting out part of own home are all potential areas where landlord insurance is required.
Contents insurance
With regards to contents insurance the insurer will need the value of all your items that are of serious worth. Many home insurance websites often provide tools to assist you value of your items for each room, whereas for high value items such as antiques, you may need to seek out a specialist insurer.
Tenants insurance
Struggling house prices is currently leading to a growth in demand in the rental market. People are waiting longer to buy their first home and this inevitable leads to tenants wishing to take out a contents insurance to protect their personal possessions from loss, damage or theft or some less friendly landlords even stipulate that tenants may be the ones to provision a home insurance policy on the property prior to renting it.
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