What you need to know about home insurance
Do you need to buy home insurance?
Depending on your needs, you can purchase either buildings and contents insurance, or both. Many home insurance providers sell both in combined policies often at a cheaper price than buying both separately.
Buildings cover insures the actual building against dangers such as fire and storms. Contents cover insures your possessions against things such as damage, loss, or theft.
When you buy a property, your mortgage lender is likely to require you to purchase buildings cover. You do not need buildings cover if you are only renting, but it is a good idea to have contents insurance to help you replace any lost or damaged possessions.
Where can you get home insurance?
You can buy home insurance from your mortgage provider but this is not mandatory (however some mortgage lenders do require it).
You will usually save money on your home insurance if you shop around to find the best deal. Oracle Consultants can help you find the best home insurance deal.
Home insurance when you rent
Laws on being a landlord dictate that it is the landlord who is responsible for the building’s maintenance – this means it is the landlord who needs to buy buildings insurance. However, your landlord is not responsible for protecting your possessions so it is recommended that you get covered with contents insurance.
Accidental damage cover
Most contents insurance policies cover accidental damage, which usually means one-off accidents that damage your property or your possessions. It usually covers important and expensive items such as televisions and laptops. However, it is important to check what is covered by any policy you might choose – you can get different levels of accidental damage cover depending on your individual needs.
Possessions to include in your contents cover
It can be time-consuming to go around your house and trying to put a monetary value on everything you want covered by your contents insurance, but it will be worth it in the event that anything you care about or which is expensive is damaged, lost, or stolen.
Informing your home insurance provider of changing circumstances
Since it is important to give your home insurance provider an estimated value of your possessions if you buy contents insurance, you also need to inform them of any changes to this value (for example, if you buy a new, expensive computer) so that your contents cover reflects the actual value.
The same is true for buildings cover if any changes are made to your property.
Let Oracle Consultants find you the best deal
Oracle Consultants can find out what you really need in a home insurance policy and then find you the best deal – we even get access to policies not usually available publicly. Get in touch to speak to a specialist consultant today.