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Home Insurance In The UK – How To Go About It?

April 18, 2016

A house is undoubtedly one of the biggest investments in anybody’s life. Buying a property needs whopping funds. And once bought, it becomes very important to protect it from damages of any kind. Be it catastrophes due to natural calamities or a bang up due to human reasons, you tend to lose a good deal of money invested in a home. Maintaining the house and protecting it from damage of any kind calls for a demand from home insurance. Broadly defined as a type of property insurance that covers a private residence, home insurance is very essential in today’s time.

Home insurance includes protection or the cover for the place you stay in or have given on rent. Apart from the building, your home also has other things inside like the furniture, sofa, electronic gadgets and everything other than walls, doors, windows, fitted kitchens and bathrooms. Things that fall in this ‘everything else’ category are called contents as in the contents of the home except the building. When you go for home insurance in the UK, you will generally have three options.

Three home insurance options:

Building insurance: In this case, you buy an insurance cover for the building only. This is most suitable for landlords who give the place up for rent. Premiums are decided keeping the complete cost of rebuilding the construction in mind. You can claim money in the event of any damage to the building.

Contents insurance: Here, you pay premiums to protect the stuff inside the house, which excludes the building. This is best suited if you live on rent and want to insure your personal belongings against any kind of damage. In this case, the premiums are decided keeping the total cost of all the belongings. You can make a claim if anything within the home is broken or stolen.

Both building and content: This kind of cover is suitable for your own house where by everything belongs to you, starting from the walls to the furniture. This kind of insurance cover will compensate for any damage to the contents and the building of the house. The premiums of this kind of insurance are quite high, but so would be the payoff. So, it’s better to insure every tangible thing within the house.

Depending on your situation, you can choose any of the three home insurance options. All the three options can cover damages caused by natural and man-made disasters.

A home insurance cover will payoff claim for the following:

  • Fire due to any reason
  • Volcanic explosion
  • Earthquake
  • Loss due to robbery or attempt of robbery
  • Riots
  • Lighting, storms, falling trees, floods
  • Accidents caused due to moving objects like cars
  • Accidents due to short circuits
  • Water leakages

Assuming that you are living in your own house and you need insurance for the building and its contents then you need to know the following:

  • Approximate rebuild value of the property you want to insure
  • The kind of locks you have on the doors and windows
  • Age of the property/when it was built
  • Total value of the contents of the property

How to reduce the cost of home and contents insurance?

There are a couple of ways through which you can reduce the premiums of your home insurance. Find here, top five ways of reducing the cost of home insurance:

Say no to frequent claims: Do not jump on claiming insurance if you can manage to do well without it. Frequent claims results in increasing premiums and fewer claims results in decreasing the premium amount.

Secure the home: To prevent any kind of theft or loss of property, you need to make all arrangements for securing the home. Go for high quality locks for doors and windows. Install a burglar alarm and choose a good smoke alarm to avoid incidences of fire.

Pay a higher excess: This is key for lower premiums. Voluntarily pay a higher excess so that you automatically get lower home insurance premiums.

Be there in the house: An occupied house is another way to get lower premiums. Insurance companies have a rule of charging extra if you leave the house unoccupied for more than 28 days.

The dilemma is which home insurance is the best for you. Well, for that you need to compare home insurance quotes offered by major providers in the UK. You can grab a great deal by comparing their policy, premiums, discounts and other offers.

FreePriceCompare.com can do this very confusing and cumbersome comparison task for you. We will suggest to you the best home insurance provider for your needs. For further details, contact us on 0203 4757 476.

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