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Home Insurance Explained

Posted by AlexC August - 23 - 2012 - Thursday

bnc Home Insurance Explained

When you’re thinking about home insurance, there are two sets of insurance to consider. Firstly there’s cover for the building itself and secondly, cover for the contents – or the belongings that you have inside the home.

You should get buildings insurance quotes are for the insurance that protects your house in case of damaged by fire or flood or by a third party. It covers you for any damage that is beyond your control. Anyone with a mortgage is obliged to take out buildings insurance as this is the collateral or security for the mortgage company. If your house were to be damaged or destroyed, the buildings insurance allows the mortgage company to recover its losses.

People who have finished paying their mortgage will usually take out buildings insurance when getting home insurance for the same reason as a mortgage company.

Contents insurance on the other hand is an option that not everyone chooses to take. This covers the items that would not be included as fixtures to your property – so things like all your clothing, jewellery, appliances and furniture. For the cheapest contents insurance you would pick indemnity insurance – where a three year old dishwasher would be replaced with a three year old dishwasher or the equivalent value. If you pay higher premiums you can get ‘new for old’ insurance, where you have a brand new replacement for the item that was damaged or stolen. Like buildings insurance, contents insurance protects your possessions against fire, flood and other damage beyond your control, but also against burglary or theft.

Most insurers will also combined building and contents insurance quotes, although you can ask for separate quotes. Some companies offer a discount for those customers who take both buildings insurance and contents insurance with them.

You can also change the overall cost of your policy by adjusting the voluntary excess on your home buildings and contents insurance policy and decide whether or not to include extras like home emergency cover, accidental damage and family legal protection.


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