Home Insurance

Whether you are a homeowner, a landlord or you are renting, it is important to ensure that your belongings are protected. There are a variety of product types that enable you to pick and choose your level of coverage, and Simply Finance can help you to find the one that is right for you. If you own a property, it is advisable to take out a Buildings Insurance policy to cover it against damage caused by fire, floods and other extreme weather conditions and subsidence. Most mortgage providers require you to have this cover before lending to you, such is the financial loss they would suffer if your house was damaged before the full loan repayment had been made.

When you are living in rented accommodation, the building will already be insured by the landlord or the rental company but you are responsible for insuring your belongings in case of theft or damage. Unlike Buildings cover, this is voluntary but without it you would have to foot the bill yourself in the event of a burglary, which could run to thousands of pounds. Insurance companies offer a policy for this known as ‘Contents’, ‘Possessions’, ‘Renter’s’ or ‘Contents’ insurance. This covers all of the contents of a home such as furniture, carpets, electrical items like the television, hi-fi system and fridge, and all of your clothes. Are you renting out a property? Although the tenants are responsible for their own contents when they rent your property, it is advisable to have cover for the communal furniture, carpets and white goods (fridge, washing machine etc.) in case of accidental damage. Although neither this nor buildings cover is obligatory if you own your property outright, you will usually be required to have comprehensive buildings cover if you have taken out a mortgage on the property.

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Home Contents Insurance Tips

• Shop around before committing to a policy. Different insurance companies' rates differ greatly. It is important to shop around so you are sure that you are getting the best deal.  Often the best rates for contents insurance (also known as tenants insurance, renters insurance or possession insurance).
• Know what is covered under your policy. Most insurers cover damages to your home caused by smoke, fire, or theft. However, flood, earthquake, and other types of disasters are not usually covered. Check with your insurer to know exactly what's covered by your policy.
• Be sure that you have enough insurance. It is a good idea to have enough insurance coverage to be able to rebuild your house from scratch if something were to happen. Often, people only have coverage to cover the current appraised value of their home.
• Certain valuable items require their own policy. Things like diamonds and antiques require a separate policy in order to be covered. Check with your insurer to know their policy on such things.
• Security systems may reduce your costs. Tell your insurance company if you've got alarms or security systems in your home. This may save you money on your premium.  If you plan to revamp your home security before going ahead with home insurance, talk to some insurers about the recommended quality standards, as this will help you when it comes to taking out a policy.