Blog: February 19, 2020

What exactly is home insurance, why do you need it, and what does it cover?

It goes without saying that your home is one of the most important elements in your life. It is where you are meant to feel most safe and secure, where you store all of your most valuable possessions, and where you create memories with your loved ones.

It is, therefore, absolutely essential that you have the right security protocols in place to keep you, your family and your property as protected as possible.

However, despite this, it is not always possible to look after one’s home 100 percent of the time. Did you know that there are almost half a million burglaries every year in the UK (https://www.ons.gov.uk/peoplepopulationandcommunity/crimeandjustice/bulletins/crimeinenglandandwales/yearendingjune2018), yet nearly 16 million people still do not have contents insurance.

There is always the chance that poor weather or criminals with nefarious desires can cause damage and distress, but with the right home insurance in place, such issues can be temporary, rather than permanent. Insurance can ensure that items can be replaced, and repairs can be made, which can act as an essential silver lining in the wake of an event that would, otherwise, be incredibly detrimental.

So, with that in mind, what do you need to know?

There are various home insurance policy types i.e. buildings only, contents only, building & contents combined. If your house is a non-standard build then you may need a non-standard home insurance policy.

What does home insurance do?

There are two very distinct types of home insurance that you must think about when you own a property. One of these is buildings insurance and the other is home contents insurance.

Buildings insurance, as the name would suggest, is designed to look after the structure itself; if your roof collapses or the walls cave in, your kitchen sets on fire or all of your windows simultaneously crack, buildings insurance is there to get you back on your feet. The usual things that are covered by buildings insurance are fire, damage from smoke, any issues or damages in the wake of a burglary, or unexpected incidents such as a gas leak or an explosion of any kind.

Contents insurance, on the other hand, is designed to help you replace possessions that you may own, such as televisions, laptops, jewellery or any other item of value. Some policies will also cover you if you lose items – or have items stolen – when you are away from the house – for example, if you are on holiday. However, it is certainly worth checking with your insurance provider to see whether this is the case.

Do you need it?

It is, of course, in your best interests to get home and contents insurance to ensure that, should the worst happen, you are not going to be significantly out of pocket or without a home to live in. However, it is not a legal requirement for you to have home or contents insurance.

It should be noted, however, that if you are on the cusp of purchasing a property, you should ensure that you have buildings insurance once you actually sign the contract because it will show that you genuinely have a financial investment and are serious about the purchase.

Selecting the right insurance policy

Insurance can be incredibly beneficial, so what should you be looking at to ensure you get the best value for money, while also keeping you as protected as possible?

The first thing to do is to check what a particular policy will protect; generally, the more comprehensive it is, the better, but always read the small print! Then, look at costs; how much will you have to pay per month, and is there any chance that payments could increase over time?

You should also try to remain clued up on what your home is actually worth, and what contents you have that you definitely want to keep protected. Take photos of things you own, if you want to be extra safe, as this will mean insurers are far more likely to help you replace something if it goes missing or is damaged. Contact us today by calling us on 01204 392 525 or email us your details at quote@arkwrightinsurance.co.uk to find out about home insurance with Arkwright Insurance Brokers.