Buildings and contents insurance is placed under the bracket of home insurance. It is a combined insurance that will cover or replace any damage that might occur to the house or its contents, including loss. It is essential for all mortgaged houses, and the majority of other homeowners who do not have a mortgage will also have this type of insurance. It is possible to get the two insurances separately, although you will find that most providers offer them as a combined cover.

Some mortgage suppliers make buildings insurance compulsory when you take out a mortgage with them, to cover their loan. Otherwise, this insurance is highly recommended to protect you against unforeseen circumstances. Virtually every home in the country will have this type of insurance just for that reason, and it could end up proving to be very costly if you do not take the cover out.

Why is home insurance needed?

As our homes are the most important asset that we are ever going to own, it is imperative that adequate home insurance is taken out for your property. You will never know when you will need to claim under your home insurance so it is best to make sure you are covered properly.

Statistics show that 1 in 4 people in the UK will get burgled during their lives but people still choose to ignore this and don’t get any protection whatsoever. Other unforeseen circumstances such as floods and fire may also wreak havoc among your possessions and by not getting covered properly you are taking a big risk in losing out financially.

There are two types of home insurance; Buildings insurance and contents insurance. Buildings insurance is a mandatory condition when taking out a mortgage and lenders will insist that this insurance is in place.  This will protect the house being damaged from events which cannot be repaired. Contents insurance is not usually a mandatory requirement when taking out a mortgage, but it is in your own interest to secure your personal belongings. Though we all hope that it’s not needed, if anything were to happen and you had not taken out contents insurance you will lose your belongings without replacement and will wish you had.

Remember, there are many home insurance providers out there and looking for the best cover for your house is important because after all they are your possessions and looking after them should be paramount.

 

 

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