What is home and contents insurance?

Home and contents insurance is one of the most important insurance policies you can take out, and will pay for the rebuilding of your home, and to replace the contents of it should it ever be damaged by a flood, fire or storm.

Home and contents insurance will also replace any possessions stolen, and some policies also cover contents for accidental damage, water damage or vandalism.

What does home and contents insurance cover?

Home and contents insurance covers two different main areas. Contents insurance cover looks after the contents of the home, and buildings cover looks after the actual structure of the home.

Your home and contents insurance will be offered with both buildings and contents cover, or with just contents insurance. Those who own a house with leasehold, or who are just renting are generally not responsible for the buildings insurance aspect of looking after the home, as it’s covered elsewhere.

The contents element of home and contents insurance looks after the contents of your home, including the carpets, and contents of the garage and shed. One of the most difficult parts of taking out home and contents insurance is estimating the value of the contents of your home.

This can be very difficult to do, as you will have accumulated possessions over many years, and the cost to replace items could have increased or decreased over that time. The best method is to work out how much each item would cost to replace new now, and work out the value of each room at a time.

It’s important to pay special attention to your wardrobe and shoes, as these can be the most underestimated areas of the home, simply because of the volume of clothing in one small place.

The buildings element of home and contents insurance looks after the actual structure of your home. This includes the actual walls and roof, as well as any fences, gates, doors and external structures, including the garage and the shed.

It also includes any fixed structures within your home, including your kitchen units and worktop, bathroom suite and any built in wardrobes or cupboards.

Home and contents insurance looks after your home so that if the worse happens, you will at least be able to replace everything you lost, allowing you to carry on with your life.

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