Buildings and contents Insurance
Home insurance falls into two categories, buildings and contents. You can buy them together or separately. Contents insurance is optional but generally your mortgage lender will require you to insure your home. Once you exchange contracts on your home you become legally responsible for the building.
Buildings insurance can cover your home in the event of a fire, flood or subsidence. It covers both the building and the fixture and fittings of your home. Standard cover includes properties up to 7 bedrooms, £1,000,000 rebuilding cost and new for old cover.
If you are buying a leasehold property, such as a flat, then the freeholder arranges the building insurance which you generally pay for in your maintenance / service charges.
If you are purchasing a buy to let property then there is specialist landlord’s buildings insurance. Standard cover includes up to 5 properties, £1,000,000 rebuilding cost and £50,000 contents cover.
Contents insurance although optional gives you peace of mind in the event that your home is damaged by fire and/or flood will protect your household goods and personal belongings within your home.
Buildings & Contents Insurance has the following options at additional cost:
- Ability to pay monthly
- Legal costs and home emergency cover
- Garden contents cover
- Accidental damage
- Up to £20,000 for high risk items such as fine art and coin collections
- Up to £40,000 for personal belongings such ad jewellery, watches and cash
- Pedal cycles – can also cover cycles outside the home.
Buy To Let has the following options at additional cost:
- Accidental damage option available
- Malicious damage option available
- Legal and home emergency options available
- Ability to pay monthly
