Finding the Best Buildings Insurance Quotes

Home insurance is a form of personal cover that is agreed when a homeowner signs and pays for a policy that protects them against a number of potential financial losses in the home.  These can include damage to items within the home or the total loss of items, as well as damage to the home itself, resulting from a number of varying events.

In order to gain a mortgage within the United Kingdom, the homeowner has to ensure they have buildings insurance on the property they are buying.  The reason this is required is because it ensures that the investment the loan company is making is as secure as it can be and that they will not lose their money in the event of something disastrous happening to the property.

Buildings home insurance covers the actual building, the structure.  Most buildings insurance policies cover damage caused by fire, flooding, subsidence or vandalism.

Recent research found that around 80% of the population of the UK was willing to look online in order to compare cheap buildings insurance quotes.  This does not come as a surprise, especially given the tough financial state the world is in; however, it is not only because customers want to save money that they are venturing onto such sites for quotes.

The research also found that for the many Britons that lead busy lives, the increasing number of insurance policies on the market would result in too much time being spent shopping around.  By using a price comparison site, consumers can be sure the price they are paying is competitive, without having to spend a lengthy amount of time giving the same information to a number of different companies.


Cheap Contents Insurance Quotes

Contents insurance is one of the most important investments that a homeowner can make. Unlike car and house insurance, contents insurance is generally purchased entirely at the discretion of the individual; some do not take out any form of contents insurance at all. However, this is taking a major risk. Contents insurance helps provide financial aid when unplanned disasters, such as flooding, theft or other accidents occur. In such situations the owner of the property involved often find themselves unable to replace their lost or damaged items. For long-term security it is advisable to at least do some research into the contents insurance deals that are available. The best way to do this is to look around for cheap contents insurance quotes.

Cheap contents insurance quotes can be found in a number of places. Thanks to the spread of online awareness, many people now take advantage of the new breed of comparison websites. They offer a unique service that was previously hard to come by without the aid of expensive consultation services and they can be used for free. This makes them an ideal way of finding cheap contents insurance quotes, as the potential buyer can see almost all the deals that are available without it costing anything. Some insurance companies tend to avoid usnig such sites and rely instead on their strong brand reputation. Be sure to look into these companies also.


Home Contents Insurance for People on low Incomes

A 1998 report by the Policy Studies Institute, funded by the Joseph Rowntree Foundation, found that 60 per cent of council and housing association tenants had no home contents insurance whatsoever. This was due to a number of factors; not least that contents insurance is relatively more expensive for people on lower incomes than for people with higher incomes – two per cent of income for the poorest 20 per cent of households compared to 0.5 per cent for the richest 20 per cent. However, many respondents said that they were planning to take out Policy Expert contents insurance in the future, so it was not simply a matter of affordability, but had just as much to do with the natural human tendency not to think about insurance until something goes wrong.

The Knowledge Gap

Worryingly, the report showed that many people incorrectly thought that they were covered under contents insurance when they were not. Housing association tenants in particular often believed that contents insurance was included in their rent; when, in reality, most housing associations at the time adopted a policy of letting tenants make their own arrangements. However, in response to the report’s findings, the insurance industry, in partnership with local authorities and housing associations, developed ‘insurance with rent’ or ‘affinity’ schemes that attempted to address this problem.

‘Insurance With Rent’ and ‘Affinity’ Schemes Today

Today, many such schemes exist. They have lots of features in common, such as low premiums, flexible payment options and 100 per cent coverage with no excess to pay. The main difference is that with ‘affinity’ schemes, the landlord merely introduces the tenant to the insurer, whereas with ‘insurance with rent’ schemes, the landlord does much of the administration work and receives a commission from the insurer. From the tenant’s point of view, however, there is little difference between the two.


Home Insurance Review

When situations change, your home insurance cover may be affected.  Avoid exposing yourself to needless risk by keeping your insurer informed of new circumstances.

There are obvious times when you will need to contact your insurer.  For example, when you move house.  Moving to a new home entails a complete review of your home insurance needs.  No two policies or homes are the same.  If you previously held buildings and contents insurance, your household contents may not change greatly.  However, many people throw out old items when moving house and replace them with goods suited to their new dwelling, so a degree of insurance updating is needed.

It is surprising how frequently home contents change.  If you go clothes shopping regularly or have a weakness for new gadgets, things quickly mount up.  Keep a current inventory of household items in case you need to make a claim.

If you invest in expensive items such as paintings or jewellery, contact your insurer.  High value goods are often insured separately to general household items, and your policy may need adjusting to reflect this.

Any building work such as extensions that take place in your home should be reported to your insurer, as this could affect your home’s value, and may impact on your buildings insurance policy.  Sheds and fences can be included in cheap buildings insurance, so remember to advise your insurer of any new additions.

Finally, if you change your name, either through marriage or for some other reason, it is essential to inform your insurer so that your policy can be kept up-to-date.


How Much Home Insurance Coverage do you Need?

Deciding how much home insurance you need is an important task. Ideally, if your home or its contents is damaged or lost, you want your home insurance policy to be sufficient enough to replace the possessions, fix the damage, or reimburse you for what is lost or damaged.

When considering buildings insurance you need to insure only for how much it would cost to rebuild the house if it was a total loss. The value of the property, or the land on which the house is situated, is not part of this valuation.  To arrive at this number, you may need to hire a professional surveyor to give you an accurate value.

In regards to home contents insurance, your contents home insurance policy should cover all those possessions that can be removed from your house. To arrive at an acceptable amount to insure, calculate what it would cost to replace all of your possessions. Do not forget to include those smaller items that most people fail to consider, such as clothes, books, dishes, CDs, and so on.

Many insurance companies now offer what is called a blanket coverage of your house and its contents to a set amount. This definitely makes the task easier, but do not forget to inform your insurer if you have any possessions of high value that might not be covered under this kind of policy.


How to Compare House Insurance

Thanks to the internet, comparing cheap home insurance has never been easier.  A quick internet search will reveal a number of websites designed to make comparing house insurance as easy and as fast as possible.  An insurance broker is also qualified to compare different policies and help you to find the best for you.  So where to start?

It is always best to know exactly what you are looking for as policies and personal circumstances vary.  For example, is your home one of the five million in the UK at risk of flooding?  Whilst most home insurance plans are comprehensive, you need to be aware of what each will and will not cover and a broker or internet comparison site will help you be as clear as possible.

Home insurance often refers to both buildings and contents cover, which are not always sold together.  Though it is advisable, ask yourself if you want contents cover and see if a combined package can offer better value.  When looking at various options, be sure to note what policies will cover as standard and what each policy offers as an extra.  In the same way, note any specific exemptions and see if any of them apply to you.

Once you have a list of suitable providers, you are in a great position to make the best decision.  When damages can cost thousands of pounds to repair, it is better to be certain you have chosen the best cover for you and your home.


What Does Home Insurance Cover?

Most people know they need home insurance coverage to protect their home.  The question is, what does insurance actually cover?  There are circumstances where home insurance doesn’t provide coverage.  It is important to understand exactly what home insurance includes so you know what is and isn’t protected.

Natural Causes

Damages due to weather, such as storms, are covered by home insurance.  The only exception is flooding.  Some insurers require you to get flood insurance separately.  If your home catches on fire or a tree falls on the roof, these damages are covered as well.  The only exception is if the fire or fallen tree is the fault of the homeowner.


Your belongings, such as electronics, movies, books and appliances, are all covered by home insurance.  Each insurer may have specific exclusions.  Coverage provides compensation if items are damaged due to natural causes, like those mentioned above, or theft.  You may receive full or half compensation, depending on your policy.

Other Damages

If damage is caused by someone else, such as a tree cutting service, the other person’s insurance is responsible.  If you don’t have liability insurance as part of your home insurance policy, injuries from others or damage to their property while at your home may not be covered.  Liability is necessary to cover damage and injury for others.

Exact Coverage

The best way to determine exactly what is covered and how much coverage you have is by carefully reading your policy agreement.  You can read over this before buying.  You can ask questions at any time by contacting your home insurance provider.


Some Benefits of Landlord Insurance

Any property that is owned is an investment that must be protected.  Landlord insurance allows you protect a property that you are letting it out to a tenant.  Landlord insurance is particularly important if you live far away from your rented property.

Some tenants can prove to be quite unscrupulous.  When you leave your property in the hands of people who forget that they are not the owners, it is very possible that you will incur some damage.  Tenants may drill holes in the walls, paint rooms in some strange colours and do other things that you will want to reverse after they leave, and fixing all the damage can run up quite a steep bill.  Landlord insurance will cover some of the costs of the repairs that will be needed as a result of tenant damage.

The loss of rent is also covered by many policies.  If you had a rental agreement for 12 months and your tenants decide to vacate after four months, you will lose rent for the time it takes to find new tenants.  You will lose even more rent if your property requires extensive repairs between letting periods.  Most landlord insurance policies provide coverage for these losses up to a fixed maximum amount.

In addition to these benefits, landlord insurance policies also come with variety of very flexible options, so you can customise it to provide exactly what you need.  You will also benefit from lower premiums if your property has standard security features such as burglar and fire alarms.


Can you Have Multiple Home Insurance Policies?

After your main home insurance policy, you can have additional policies.  These policies typically offer additional coverage not included in your main policy.  You are not limited to a single provider for these additional policies either.  Depending on your situation, having multiple policies may be the best way to get optimal coverage.

Flood and Earthquake

Most insurers do not include flood or earthquake coverage in their home insurance policies.  This means you must either obtain additional coverage with your current policy or find coverage through a second insurer.  If your provider does not offer this type of insurance, a second provider and policy is the only way to get coverage.


Most home insurance policies allow you to add ALE, or Additional Living Expenses, coverage to your existing policy.  If the coverage isn’t enough, you may want to take out an umbrella policy to help cover you.


Your home insurance policy often doesn’t cover mortgage payments, especially if you can’t pay due to illness or injury.  This requires an additional policy.  A Mortgage Payment Protection Insurance policy will cover you in these circumstances and makes a great add-on to your existing policy or a necessary second policy while you have a mortgage.

Multiple Properties

If you own multiple properties, you are not required to use the same insurer for all properties.  Sometimes an insurer isn’t available in certain areas or may not offer the best coverage in a specific area.  This means you will have multiple home insurance policies, one for each property.


Why you Need Landlord Insurance

Although landlord insurance is not a legal requirement, it is vital that you consider selecting a landlord insurance policy so that you can avoid any problems when renting out your property.  Regular home insurance will not provide sufficient coverage, so you will need landlord insurance if you wish to avoid complications caused by any problems that may arise whilst you are renting out your home.

Whilst renting out your property, there is a risk of tenants sustaining personal injuries whilst living in your home.  This may result in your tenant taking legal action against you.  For this reason, it is vital that you have landlord insurance.  Landlord insurance will compensate you for any loss of rent or income caused by legal action being taken by a tenant.

Landlord insurance will also help to keep your items covered whilst you are renting out your home.  When renting out a fully furnished property, there is a chance that theft or damage to your home or contents may occur.  Landlord insurance will help to keep your personal items covered during the period that you rent out your home.  It is vital that you select a policy that will provide coverage for any theft, malicious damage, or damage caused by fire or storms.

Selecting a landlord insurance policy that covers all possible eventualities will provide you with peace of mind before you rent out your property.