Home insurance

Our homes are more than just bricks and mortar; they’re personal sanctuaries, spaces of comfort and repositories of cherished memories. They’re also significant financial investments that house countless valuable belongings. Given the unpredictability of life, with its storms, fires and unforeseen incidents, how do we protect these irreplaceable assets?

Home insurance is an essential shield that protects the structural integrity of your property and its precious possessions. From your grandmother’s heirloom jewellery to your state-of-the-art kitchen appliances, these policies provide a safety net for your belongings in theft or damage.

LABYRINTH OF INSURANCE JARGON

Navigating through the labyrinth of insurance jargon might seem daunting, but understanding the importance of these protections is a crucial step towards safeguarding your home, your belongings and your peace of mind. Home insurance is divided into two primary categories: contents cover and buildings cover. While separate policies are available, you can opt for a combined one from the same insurance provider.

DISTINGUISHING BUILDINGS AND CONTENTS INSURANCE

Buildings insurance covers the structure of your home, including fixed fittings, while contents insurance protects your possessions within the property.

WHAT’S INCLUDED IN BUILDINGS INSURANCE?

Buildings insurance covers damage repair costs resulting from fire, smoke, storms, floods, falling trees, subsidence or vandalism. It should sufficiently cover the cost of completely rebuilding your home. This type of insurance covers:

• The physical structure (walls, ceiling, roof)

• Permanent fixtures like fitted kitchens and bathrooms

• Some policies may cover external structures such as garages, sheds and fences

INSIGHTS INTO CONTENTS INSURANCE

Contents insurance covers the cost of replacing belongings inside your home if they are stolen or damaged by incidents such as fire or flood. It comes in two types:

• An indemnity policy, which factors in wear and tear in its payout
• A new-for-old policy, which provides enough to buy a brand-new item

Standard contents policies typically cover furniture, cookware, glassware, soft furnishings, flooring materials, removable fittings, white goods, electronic goods, leisure products, art, jewellery, clothes, shoes and garden equipment. If you own valuable items like artwork or sports equipment, you may need to pay higher premiums to insure their full value. Some policies also cover loss outside the home for possessions like mobile phones, cameras or jewellery.

IS HOME INSURANCE NECESSARY?

While not legally required, home insurance provides peace of mind that your home and possessions are protected. For homeowners with a mortgage, most lenders require proof of buildings insurance before lending.

SPECIAL CONSIDERATIONS

LISTED BUILDINGS INSURANCE

Living in a listed building comes with prestige and the potential for expensive and time-consuming repairs due to restrictions. A listed buildings insurance policy considers these factors, providing appropriate cover for potential damages.

HIGH-VALUE HOME INSURANCE

For homes and contents of significant value, standard home insurance policies may not provide enough cover. High-value home insurance policies are designed for such cases, offering protection for homes worth £1m upwards and contents valued at £100,000 – £250,000 or more.

NON-STANDARD CONSTRUCTION INSURANCE

Properties with non-standard construction elements like thatched roofs or timber frames are often considered more prone to damage and expensive to repair. If you own such a property, consider specialist insurers that deal specifically with non-standard houses.

Don’t forget, our professional friendly advisors are on hand to support you and can help you explore all of your options.

*** The information in this article is purely informative. Buildings and Contents is available in the market, but we do not offer this service in-house at Charles Cameron & Associates.