Home Insurance - A DIY Guide
The phrase 'It won't happen to me' is banded about all too often, however the fact is when owning your own home, something will happen whether it be burglary, extreme weather damage, an accident or just simple wear and tear to your property. Without a comprehensive home insurance policy, being forced to pay out for repairs yourself could lead you to financial ruin, so this guide will show you how to get the most comprehensive type of cover at the best possible price.
Home insurance guide
Buildings Insurance covers the cost to fully rebuild your home in the event of it being destroyed or substantially damaged to the point where rebuilding is necessary. When taking out a policy it is important to know exactly what this protects you from. Will it protect you from flood damage, burst pipes, fire, subsidence etc. Varying levels of cover will include or exclude a number of these, so it is important to carefully examine the terms and conditions of the policy to see exactly what you are covered for.
As well as insuring the actual bricks and mortar this will also cover the permanent fittings such as baths, toilets and kitchens, some will even extend to garages, greenhouses and garden sheds. It is important to make sure that a policy suits your needs so don't always opt for the cheapest policy. Using a price comparison site will help you find the best level of cover at the most competitive price as it will compare the whole of the market for you in minutes.
As well as insuring the structure of your home, you will now need to insure its contents. It is said that in our lifetime, one in three of us will have our homes burgled, a scary thought when you consider how much some of your contents cost. The total cost of the computer that you are viewing this article on may well exceed £1000. A home contents insurance policy will cover almost everything in your property including furnishings such as carpets and curtains.
Most policies however, usually come with limits to how much you can insure. This will either be a collective limit or a single item limit. For items of high value such as antiques you may need to get these insured separately. Another thing to look out for in the terms and conditions is how long you can be away from your home without your policy becoming void. If you leave your home empty for a long period of time, your cover may be affected or even cancelled. Check with the insurer what the maximum length of time you are allowed away from your home.
If you are a landlord, then you will need a different type of insurance. A landlord insurance policy will not only cover your building and its contents depending on the level of furnishing), but it will also give you some very valuable added extras.
Rent Guarantee - It is all too common that landlord/tenant relationships breakdown from time to time. If a tenant refuses to pay, does a runner or even when your property is empty between tenancies, this will guarantee that the rent is paid to you.
Legal Cover - In the event that you have to take a tenant to court for refusal to pay rent or refusing to leave you property, this will make sure you a fully reimbursed for any legal costs you will incur.
Whether it's a full home insurance policy or simply a contents insurance policy, you can find very competitive rates online.