Property insurance | Property Guard
Contents Insurance
Contents insurance is insurance that pays for damage to, or loss of, your personal possessions whilst they are located within your home. Some contents insurance policies also provide restricted cover for personal possessions temporarily taken away from the home by the policyholder.
In this context "possessions" means anything that is not permanently attached to the structure of the home. (Possessions that are permanently attached to the structure of the home can only be insured via home insurance.) Some contents policies may also include possessions kept in outbuildings or in the garden area attached to the house.
Contents insurance is usually sold alongside home insurance but it can also be purchased as a stand-alone policy, especially for those who are renting rather than owning their home.
It is important that you dona EUROS TMt under insure the contents of your home. Most policies will ask you to define a a EUROS sum insureda EUROS TM a EUROS this will be the maximum your insurer will pay out.
The best way to avoid this is to create a checklist of absolutely everything you have in and around your home. Be sure to include things you have made and anything that has been given to you because these things will need to be replaced. Try to include an approximate date when the items were bought and save any receipts you might have. It might sound like a lot of hassle but well worth the effort to ensure that the contents are insured properly.
Building Insurance
Building Insurance is very important, just imagine if your house burnt down. A lot of Mortgage providers now insist on you getting buildings insurance so if there is a disaster of some kind you can afford the repairs.
Your buildings insurance policy should cover funds to totally rebuild your house if there were a major disaster. Some policies only cover market value, so you should check that. Your policy should also cover for any damage caused by:-
Flood or Storm Damage
Water leakage, such as a burst pipe
Fire and smoke damage
Subsidence
Vandalism or third party damage
Your policy should also provide alternative accommodation should your house be uninhabitable.
As well as the structure of your building the insurance policy also covers permanent fixtures and fittings including baths, toilets and fitted kitchens, bedroom cupboards and interior decorations. This is for items that cannot be removed and taken to a new home, for example fitted cabinets. Policies usually cover outbuildings such as garages, greenhouses and garden sheds but might not cover boundary walls, fences, gates, paths, drives and swimming pools.
Dona EUROS TMt just go for the cheapest quote, think realistically about your needs. There are plenty of insurance companies out there, so shop around get some quotes and look for a policy that offers the best cover at the cheapest price.
There are different types of Building insurance. The most important thing is to make sure you are covered for the full rebuilding cost, and not the market value. It is often more costly to buy a new house than it is to totally rebuild your own from scratch as the land underneath usually remains unscathed.
Remember, the same type of house in a slightly different area can have a lower market value than another but yet cost just the same to rebuild in the event of a fire, etc. Therefore, cover your house against the rebuilding cost, and not against its market value.
A Lot of Insurance companies offer a discount for taking out both Contents and Building Insurance with the same insurer. It can also save some of the hassle. Some insurance companies are better for Contents Insurance than Building Insurance or vice versa. Shop around and get lots of quotes, examine all the options available.