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Home insurance, also called house insurance, is a general term used to describe the two main ways to insure you home. These are building insurance and contents insurance.
When you buy home or house insurance, you can buy building insurance and home contents insurance separately. You can also buy them together in a single home insurance policy to protect your house. This is often called ‘home and contents’ insurance, buildings and contents insurance, or home and building insurance.
Home insurance pays out an agreed amount when you make a claim. You pay a house insurance company an amount every month for those safety net in case you need to make a claim. This is called the premium.
Contents insurance covers everything that would move with you if you moved house or flat. For example, your sofa and TV, kitchen appliances and personal belongings.
Contents insurance can be valuable to everyone, including renters and council tenants. You’ll need to compare contents insurance quotes to get the best home contents insurance deal. Make sure you check exactly what the content insurance covers. It may specifically exclude those expensive, portable electronics you regularly take out of the home, like a new mobile phone or laptop. This is both because they are very attractive items for thieves due to their small size and high value, and are regularly taken away from the home where they can easily be damaged, lost or stolen. You can find gadget insurance for these items instead, if they are not covered by your home and contents insurance.
There are several types of home contents cover so make sure you compare home contents insurance deals to get the best one for you. Contents insurance will typically cover you up to £50,000.
Building insurance covers the physical structure of your home, like the walls and the roof. Permanent fixtures and fittings, like your bathtub and kitchen cupboards, are also covered by building insurance.
Building insurance is a requirement for most mortgage providers to protect their loan. Many leasehold agreements also stipulate that you have it in place as an owner. But you can still compare building insurance quotes to get the best building insurance deal for you. In many cases renters won't need buildings insurance, as the landlord will have it in place already. That means renters should be careful to check it is not included in a home insurance policy by default if it is not needed, as it will cost you more.
Different home and contents insurance companies will provide different levels of cover. So the cheapest home and contents insurance may not be the best cover for you.
Typically, buildings and contents insurance will cover the cost of repair if your house is damaged by:
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