Buildings & Contents Insurance
What it is. Why you need it and if you have to have it!
Buildings Insurance
Buildings insurance is designed to provide financial protection if there’s damage to the structure of your home, such as the walls, roof and floors. It usually covers damage to fixtures and fittings too.
Garages, sheds and fences may also be covered, as well as the cost of replacing items such as pipes, cables and drains, but you should check your policy to ensure this is the case, if this is important to you
Why do I need it?
Buildings insurance pays out for repair or replacement within your property and ultimately for the cost of rebuilding the property itself. It is a contracted requirement of your mortgage offer.
What’s covered?
The sum insured will be different to the value of your house . It is calculated as the amount required to rebuild the property to the same standard and specification – The rebuilding cost.
What do I get?
The aim of this type of insurance is to provide peace of mind that in the event of damage that needs repairing or replacement, you will receive payment to cover part or all of the costs.
🤔 Do I have to have it?
If you have a mortgage on your property, then it will be a requirement of the conditions of the mortgage that you take out and keep up premiums on a buildings insurance policy. More details will be in your Mortgage Illustration
Yes is the simple answer to this one!
Contents Insurance
Contents insurance is designed to cover you against loss, theft or damage to your personal and home possessions. It can also cover you if you take items out of the home, on holiday,
for example. The insurance covers your own possessions and those of close family members living with you.
Contents insurance covers loss and damage caused by defined or insured events. These can include fire, storm, theft and vandalism.
Is everything covered?
A policy excess will be applied. This means that not all of the loss will be covered by a claim. Having a larger excess can help reduce the cost of the policy but will limit the amount of a claim. You should specify an excess that suits your needs and budget.
How much cover?
It depends on the size of your property and the value of your stuff. You should ensure that you agree the level of cover and what is protected with your adviser and then re-check this when you receive your policy documents.
What do I get?
The aim of this type of insurance is to provide peace of mind that in the event of damage that needs repairing or replacement, you will receive payment to cover part or all of the costs.
🤔 Do I have to have it?
No. Only Buildings insurance is a requirement of the conditions of the mortgage. However it would be very expensive, if you had to replace the whole contents of your house, starting again from scratch! So it is advisable to have cover in place
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