The answer for the vast majority of people is of course no, and insuring your home will protect it in the event of floods, fires, storms or theft but, more importantly, it will give you peace of mind knowing that all you own is safeguarded also.
The more possessions you acquire, the more likely you will want to have them insured – so it simply makes sense to protect what you have.
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Home insurance is usually a combination of buildings insurance and contents insurance. You can take these policies out separately, but it’s often easier to just take out a home insurance policy which includes both.
Building insurance should cover the cost of your home to be re-built from the ground up (not the sale or market value). Contents insurance covers your possessions.
The idea behind home insurance is to protect your property and your assets from any freak incidents or unlucky events. If you choose not to insure your home and its contents, you are arguable doing it at your own risk. The majority of people’s homes contain their entire life, and although some things are irreplaceable, having insurance to protect expensive items and any damages, may help you sleep easier. Whilst home insurance can’t prevent unfortunate incidents, it can enable you to repair the damage done by such events.
Whenever you purchase a property, most mortgage providers will require you to have an adequate form of buildings insurance. It’s worth checking such policies to check if it has the type of cover you require. You may not require contents insurance right away, but it is recommended that the sooner the better with any home insurance policy, so that you’re covered should anything happen.
It’s recommended to review the rebuild cost every so often, to make sure the figures are up-to-date. This is important so that your payout reflects the cost of an entire rebuild.
With regards to your contents, the best way to determine a value of your assets is to root through each and every room and make an inventory of your possessions and their costs, including furnishings such as carpets etc. This inventory should also include any other buildings such as outhouses, sheds or garages. This way you will have documented everything you need to, should you come to lose it all.
On the buildings insurance side of things, policies vary, however, it’s not often that insurers will pay out for general wear and tear. If your home is at risk of flooding, you mind find it difficult to secure home insurance without paying a premium for flood insurance on top.
Whether your home is a one-bedroomed flat or a 10-bedroomed mansion, your home is your castle. That’s why it’s important to get the right cover in place should something go wrong. Your home will no doubt contain some of your most prized and valuable possessions. Therefore, you’ll want to protect those too. So, we’d suggest home insurance which covers both building and contents. Our experienced home insurance experts can source the right deal for you and your property.
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