home and contents insuranceThere are two types of household insurance within home and contents insurance. They are separate entities and you can either search for two individual policies, or buy home and contents insurance as a joint policy, which is a competitive way of buying nowadays. Moreover, if you are unfortunate enough to end up in a situation where one incident affects both the building and its contents, such as a fire, there will be no issues as to which insurer will pay for what.

Buildings Insurance – Insuring your Home

This insurance covers the actual structure of your home. It will always include the main building and can be extended to cover sheds, garage, fences, swimming pool etc.

If you are a home owner, having buildings insurance in place would normally be a condition of your mortgage.  A good policy should cover you for fire, flood, subsidence, storms, lightning, theft or vandalism, escape of water and oil, and damage caused by falling trees, branches or other objects.

Contents Insurance

This covers practically everything within your home including furniture, household goods, food and drink, TVs, computers, clothing and valuables, usually up to a stated limit.  This type of insurance is not compulsory and no mortgage lender can insist you take out contents cover, so you will need to source this yourself.

This policy pays out if any of your home contents are lost or damaged, following a burglary, a fire,  an explosion, leaks or vandalism, and also for accidental damage.

Many insurers cover the cost of replacing locks if your keys are stolen. Most policies may be extended to cover accidental damage or loss of valuable items you frequently take out of your home, such as jewellery, cameras and sports equipment. This is known as an ‘all risks extension’.

Many people underestimate the value of their home contents. To get a clear idea of the sum to be insured, go through every room – including the loft, garage, cellar and shed – and write down what it would cost to replace every item at today’s prices.

AFP Shrewsbury is a trading style of Gary Harper (FRN 755477) who is an Appointed Representative of AFP Partnership (FRN 300003). AFP Partnership are authorised and regulated by the Financial Conduct Authority. Certain products, including Buy to Let and Commercial mortgages, are not regulated by the Financial Conduct Authority. If you would like to discuss home and contents insurance in more detail please call now for a no obligation chat on 01743 364377 or e-mail info@afpshrewsbury.co.uk

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