How to protect your home

Your home is likely to be your most valuable asset; therefore it makes sense to have adequate protection in case disaster strikes. In order to protect your home properly you need to take out two types of insurance; buildings insurance and contents insurance. The two polices can be bought together or separately.

It is important to review your insurance annually. This will ensure you can take into account any changes in the value of your property and its contents, and check that your insurer is providing the most competitive premium. If you don’t reassess your insurance, you risk being underinsured and your insurer refusing to pay out in the event of a claim.

Buildings insurance

Buildings insurance is a legal requirement if you have a mortgage (if you rent, your landlord will be responsible). It is designed to cover damage to the structure of your home as well as damage to permanent fixtures and fittings. Buildings insurance should cover the full cost of rebuilding the property, not the market value. When you take out a mortgage, your lender will try and sell you their buildings insurance policy, but before you sign up check the market for other policies as mortgage lenders do not always offer the best deal.

Contents insurance

Contents insurance is for all of us and is a wise investment, providing protection against the loss of or damage to your possessions as a result of fire, theft or flooding. The majority of households are underinsured for their contents, which is worth bearing in mind when it comes to reviewing your policy.

Find the best insurer for your buildings and contents insurance.