Buy Now - Home insurance is one of those issues that it is very important to know about as you've certain legal requirements you'll want to meet - although not all forms of insurance certainly are a legal obligation, it can make good sense to have them anyway. This short article takes a look at what renters and homeowners need to find out when it comes to the types of property insurance that they need.
Insurance for homeowners
Should you own your own home there are two types of home insurance that you'll want: buildings and contents insurance. The main part of this is the buildings insurance because it is a legal requirement to possess this if you own your own home. Typically, when you are getting an insurance quote you will need to enter the rebuild price of your house. This is dissimilar to the resale value of your house, so it may be worth double-checking to make sure you have the right amount. This will then be used to calculate your insurance quote.
It is also important for homeowners to get contents insurance because this is what covers everything at your residence, whereas buildings cover typically covers just the structure of your house and then any outbuildings that you might have also. This means it is important to know the value of all of your possessions because this amount will be used when calculating your contents insurance quote.
Summary - It is also worth checking whether you may be able to save anything by taking out joint buildings and contents cover, as sometimes insurance firms offer deals that will help you get good value for the money. It is also good practice to check exactly what is covered by your policy and to take out additional insurance for almost any particularly valuable items (such as jewellery) to make sure you have adequate cover.
Insurance for renters
Should you rent your home then your rules of home insurance will be slightly different for you. This is because it is your landlord's responsibility because the owner of the property to obtain buildings insurance. When you move into a new rented property, it's really a good idea to ask them what buildings cover they have so you can be certain you will probably be protected in the event of a fire or other emergency.
Next - However, renters will still must take out contents cover for their property as it is generally not the landlord's responsibility to offer this. Also, some rented properties include some of the landlord's property in them; this is doubly important to insure properly, or else you could find yourself having to pay for items that aren't yours in the event of them being stolen or damaged. Even though your landlord has separate insurance for their own possessions, it is still worth taking out comprehensive contents insurance on your own so you can have satisfaction that everything is cared for.
Overall, home insurance for renters and homeowners isn't too complicated however it might require a bit of research to ensure you get the most appropriate insurance to your requirements, and that you are protected through the right level of cover.