DIY Supermarket

Protecting your home and its contents against mishaps is as important as having health insurance in place, as you never know what the future holds.

Buildings insurance you have no option about if you have a mortgage, because the lender will make it a condition of receiving the loan.  This is to protect their investment, which is your house, but also to protect your home should it be damaged by a storm or gutted by fire.  These things happen more often than you think, and the cost of rebuilding your property will usually be prohibitive.  You would be left owing huge sums of money to the lender unless buildings insurance is in place, so it makes complete sense to have building insurance.

Contents home insurance is your own affair because the lender will have no interest in your personal furnishings and moveable items.  Most people have contents insurance, either new-for-old or indemnity.  Indemnity is cheaper but it only replaces lost or damaged items with those of a similar age and condition, and most people opt for the slightly more expensive new-for-old, which will replace them with completely new items.

Many items will be covered by a home insurance contents policy even when they are taken out of the property, such as jewellery, cameras, handbags, and laptops.  Travel insurance can be arranged separately that will cover them when they are taken on holiday for any length of time.

Remember to check the terms and conditions to verify what will invalidate a claim, such as incorrect locks being fitted or burglar alarms not being activated.