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Household insurance FAQs

Q. What are buildings and contents insurances?

A. Buildings insurance covers damage to the structure of your home and any permanent fittings (bathrooms, fitted kitchens, decoration etc). If anything happened to your house you would need enough money to build a replacement on the site. That is why this is normally made compulsory by your mortgage lender. You don’t need to buy any house insurance from them; they just need to know their investment in the property is fully protected - as you need to know that yours is.

Home contents insurance covers all the possessions in your home. It is not a re-requisite in the same way, however you must consider the cost of replacing all your possessions – from furniture to clothes and everything in between - in the event of the worst happening. Both cover many similar eventualities from the effects of burglary, fire or natural disasters.

Q. What value should I insure my home for?

A. When assessing buildings insurance cover, this is fairly straightforward. You need cover for the full rebuilding cost of your property. This is not the same as the market value of your home, depending on where you live and especially in the current market that might be much higher.

If you have recently bought your house and had a survey done, the rebuild cost is often estimated on this. Make sure that the amount you are covered for is at least equal to this when the house insurance quote is generated.

If you have recently bought your house and had a survey done, the rebuild cost is often estimated on this. Make sure that the amount you are covered for is at least equal to this when the house insurance quote is generated.

For contents insurance this is more complicated. Technically, you need to insure all your home’s contents for their replacement value. Under-insuring your possessions may affect the payment you receive, even for smaller claims.

Q. Where should I buy house insurance?

A. There are three ways to buy household insurance:

• Direct from an insurance company
• Through a broker who will search on your behalf and come up with an option that best suits your needs
• Using price comparison websites that allow you to compare the pricing and other terms offered by a range of insurance providers.

Generally if you need a fairly standard policy you are probably better off going through a price comparison website. It’s also notable that insurance bought online is often 10-15% cheaper. If, however, your needs are more complicated or you need specialist advice you are probably better off using a broker.

Insuremyhouse.co.uk combines the best of these options by offering savings and price comparison whilst having trained advisors available on the phone if you need any advice or specialist cover.

Q. What about no claims discounts?

A. These are more common for car insurance. Some home insurance policies will reward customers who have good claims records. The amount varies and you might get up to 50% on your contents insurance and 20% on your buildings insurance after 5 years.

Q. Does my contents insurance cover my possessions whilst away from my home?

A. It is common with contents insurance to offer additional cover as an option. This allows you to insure certain property both in and out of the home. Items such as jewellery, furs, cameras and musical instruments can be covered against any type of accidental loss or damage inside or outside the home. Without this extension to your insurance policy you would not be able to make a claim if you lost or had an item stolen whilst out of your home.

Q. Do bicycles and garden tools come under contents insurance cover?

A. It is worth checking your chosen policy to make sure this is the case for you and any stipulations set out regarding security etc.

Q. Am I insured against accidental damage of my property?

A. This is not standard on most policies. It is easy to request as an extension to your cover but it will cost a little extra. It may well be worth it, however, if you have expensive items of furniture or are planning any potentially hazardous activities such as DIY. Spilling paint on your new carpet can be an expensive slip without the right protection.

Q. How do I make a claim?

A. Claims procedures vary from company to company. If you contact them, you will usually be issued a claims form to fill in. You should read the claims section in your policy document carefully before you fill this in. The main things to note, regardless of where you bought your insurance are;

• A: In the event of a burglary, first call the police.
• B: Do not clear up immediately after a fire or burglary unless absolutely necessary. Speak to your insurer and the fire/police service first, whenever possible.
• C: Do not buy replacement items until the insurance company have confirmed what they are prepared to pay for.

Q. Will I be paid on an ‘old for new’ basis?

A. For most items your claim should be settled in this way (where the cost of buying a new replacement is covered even though the item lost, because of wear and tear or updated versions now on the market, was not worth that amount). You need to check your policy document to make sure you understand any exemptions from this that might apply to you.

Q. How do I get a lower household insurance premium?

A. There are several ways to do this, including:

• Increasing your voluntary excess
• Avoiding making small claims that you could pay for yourself
• Increasing security (door and window lock upgrades and an approved alarm)
• Buying your policy online