Home insurance provides financial protection in the event of something happening to your property and/or belongings.
Depending on your policy you might be covered for theft, fire, flood, loss, accidential damage and more.
There are two main types – buildings insurance and contents insurance.
These can either be bought individually or together as a combined home insurance product.
Buildings insurance
This covers you in the event of damage to the structure of your home, such as the walls, roof and floors. It usually covers damage to fixtures and fittings too. It’s not compulsory, but it’s usually a condition of your mortgage to have it. If you own your own home, with or without a mortgage, this insurance should be a top priority.
Contents insurance
This covers you for loss or damage to personal possessions in the event of fire, theft, flooding and similar incidents. It covers all your personal belongings – anything not physically attached to the building – against the cost of loss or damage.
Unlike buildings insurance, this is optional. But insuring your possessions is generally a sensible idea for both tenants and homeowners.
You may need both if:
-You’re a homeowner. You probably need both. While buildings insurance isn’t a legal requirement, it will usually be required by your mortgage lender. Even if you own outright (i.e. there is no mortgage) it’s still usually a good idea, as it covers repair or rebuilding costs in the event of damage – and those costs can be very high.
-You own the freehold to your property. It can be very expensive to repair any structural damage, so cover is highly advisable. If you own the freehold on a flat or maisonette you might be able to take out a single buildings policy with other owners.
-You’re a landlord. Your mortgage lender will likely require that you have buildings insurance in place, and it’s sensible to have contents insurance if you’re providing the furnishings in the property. One option is to take out landlord insurance, which protects your property as well as your rental income and covers your liabilities in the event of damage or injury suffered by your tenants.
At Kickstart we will talk to you about the level of cover you require, including any valuable items, Laptops, Mobiles Phones, Jewellery etc., and will be able to find you the most appropriate cover available for your circumstances.
As with all insurance policies, conditions and exclusions will apply.