S1 Direct Home Insurance QuotesYou home is likely to be the biggest investment you ever make. As a result, you need to safeguard your investment by maintaining your property in good condition, keeping it secure and insuring it. The loss of your home through a fire or other disaster is something you'll never be able to recover from on your own. The cost is just too large for most individuals. For this reason, you need to ensure you have adequate cover on your property at all times. And, of course, if it's the subject of a mortgage, your lender will insist on sufficient insurance because it's their money that's at risk.
Home insurance falls into two categories - the building itself and its contents. Many insurers offer both types together, often at a discount, so that everything is insured.
Buildings insurance covers the property against loss or damage due to fire, explosion, storm, flood, burst pipes, subsidence and vandalism. As well as the structure, permanent fixtures and fittings such as baths, fitted kitchens and wardrobes are included. Cover also usually extends to outbuildings such as garages and greenhouses but may not include boundary walls and driveways.
The other aspect of home insurance is contents cover, which includes items in the property that aren't fixed. This extends to floor coverings, furniture, clothing and personal possessions. Cover is generally provided against the same perils as for the building.
As with any insurance, you need to be sure what's covered. Don't just take the cheapest deal because the level of cover may be less than you need. Calculating the value to be insured for the building is particularly difficult because you need to cover the cost of clearing the site and rebuilding if the property is destroyed. This will be less than the market value since the land is unaffected and this makes up a sizeable proportion of the total cost. Some insurers have useful calculators that help to determine the value. Many will even work out the value automatically when you provide the property details while some have fixed levels of cover.
For contents, you need to be sure you include everything. You must identify high value items such as jewellery. Ideally, you want to insure on a 'new for old' basis and have all risks cover that includes property when away from home.
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