Everybody Needs Household Insurance – Even Renters!
Whether you rent or own your property, you’ll need to make sure insurance is in place to protect the building itself and its contents. For those renting, buildings insurance will usually be paid for by your landlord, so you’ll only need to worry about insuring your belongings. Homeowners will normally need to provide proof of buildings insurance in order to obtain a mortgage. Whatever your circumstances, our handy guide to household insurancewill help you to protect your property and its contents.
Types of Insurance
As mentioned earlier, you only need to worry about buildings insurance if you own your own property. In this case, you’ll need to insure your property for the full cost of rebuilding it in the event its damaged. Contents insurance isn’t a necessary requirement, but most people will want to cover the cost of replacing their furniture and belongings, whether their home is owned or rented. As well as basic contents insurance, it’s sometimes worthwhile adding new for old cover and accidental damage to your policy.
• Accidental damage – as the name suggests, this covers you if you accidentally damage any of your possessions. Check for exclusions on your policy – items such as mobile phones and laptops may not be included and may need to be mentioned as high value items and all high risk items.
• New for old cover – this means that if you make a claim on your policy, the replacement item provided will be a new version of what was lost, stolen or damaged. It can cost a bit more to add this to your policy, but is well worthwhile. In case of accident you should keep all damaged items as they are a subject of further inspection.
As if that wasn’t complicated enough, you can now also take out other types of insurance such as gadget insurance, which will cover your gadgets such as laptop, digital camera, mobile phone etc. both at home and whilst travelling in the UK or abroad.
When shopping for any sort of product or service, it’s a good idea to compare two or three sites or providers. Using a comparison site such as Compare the Market or Quote Zone allows you to find the best deals on household insurance and could save you hundreds of pounds. It’s worth noting that some insurance companies will offer you a discount if you already have another insurance policy with them; for example, if you insure your car with them, household insurance may attract a discount.
Everybody needs home insurance to protect their home and possessions should the worst happen. Burglary, fire, theft or simply an accident causing damage could set you back hundreds or even thousands of pounds, so it’s well worthwhile paying for household insurance.