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If your property gets damaged, could you afford the repairs?

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Did you know that it’s a legal requirement to have a Buildings Insurance policy in place if you have bought your property with a mortgage? This also needs to be in place before you exchange contracts on a new home.

Buildings Insurance is essential to protect your home in the event of damage – from fire, flooding, vandalism or other unforeseen circumstances.

While this covers the structure and the fixtures and fittings within your property, taking out Contents Insurance will also give you peace of mind should your possessions fall victim to damage or theft.

Every property and homeowner is different, so it’s important to get the right insurance policy.

Whilst it may not be the most riveting of reads, its essential you check your policy schedule to ensure you completely understand not only what is included in your policy but also what might be excluded.

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Choosing a Home Insurance policy

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Every household is unique, and what benefits your neighbour may not necessarily benefit you. Here are some key points to consider when choosing a policy:

• Buildings Sum Assured – This should be enough to cover the full cost of rebuilding your property. The rebuilding cost is not the same as market value, and may change if you extend or alter your property.
• Alternative Accommodation – Knowing your policy includes alternative accommodation can be reassuring should you need to leave your property, due to an event like flood or fire.
• Contents Cover – Many insurers offer a standard level of contents cover (eg. £35,000). This may seem like a lot, but it’s surprising how the value of your possessions, including things like your music collection and clothes, can quickly add up.
• Accidental Damage Cover – Policies will automatically cover you for the consequences of certain events (eg. flood and fire), but not accidents. You may, therefore, want to find a policy that includes accidental damage cover.
• Cover away from the home – If you take your valuable items away from your home, you may want to consider covering your personal possessions separately under your Contents policy.

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It might not pay to save

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Many insurance companies promote their Home Insurance products based on price. While it might be tempting to go with the cheapest premium you can find, it may not actually provide the right level of cover for you and could include hidden excesses. Insufficient cover could leave you significantly out of pocket when you need to make a claim.

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How to measure quality of cover

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Just like the hotel industry, many Home Insurance policies are star-rated based on the quality of cover provided. This star system is operated by independent research firm Defaqto.

One or two-star products will offer simple, basic cover. A four or five-star product will deliver higher levels of cover, with additional benefits.

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Buying online

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While the internet may seem a quick and easy way to arrange Home Insurance, you need to be careful. Many websites apply default settings to generate the cheapest quotes. However, these default settings may not be right for you and the level of cover you need.

Whether you are moving home, a first-time buyer, landlord or just wish to review your existing policy, Edward Mellor’s 5-star Defaqto rated insurance service can tailor a plan to your specific requirements and compare to your current insurance policy in minutes.

Ring us on 0161 443 4830 or click here to make sure you have the right policy for you and your home.