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A Guide for Choosing Home Insurance

by | Feb 3, 2021 | Home Insurance | 0 comments

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The truth is in your life, your home may be the most expensive property you will ever have. So protecting your house with the best home insurance policy out there should be a major concern. However, you don’t have to stretch yourself too much paying for home insurance, this is our area of expertise. Simply operates a free online quote comparison system for home insurance providers, thereby making it easy for you to find an affordable home insurance policy. We can compare quotes for home insurance for all types, either bungalow, terraced homes, detached, studio flats, just name it. You will be able to choose any of these options; combined buildings insurance, buildings insurance policy, and contents insurance. 


Compare affordable quotes for home insurance now. 


You should know that some insurance is a choice, but some homeowners, see contents insurance as necessary although it is not a legal requirement. Despite this, some homeowners feel obligated to take the basic home insurance policy in the case of a mortgage because the loan agreement must include the building insurance.  In the United Kingdom, home insurance has two policies, one is for the building and house and the other for the contents. Homeowners may decide to buy these two categories from one insurance provider or divide both between two providers.


Kindly note the following; 

  • The house and buildings policy involves the house and its fixtures and fitted items like cupboards, bath, kitchen equipment, shower, interior decorations, and so on. Outside buildings are also included such as garages, outdoor storage, sheds but not all the policies will include structures like your fences, driveways, pools, etc. 
  • Content – This includes all the things in your house that would go with you when you move. 


What Does A Home Insurance Policy Cover?


Generally, the basic insurance coverage for your property varies, they may cover some loss or damages for the following reasons;

  • Storms and flood
  • Riot
  • Leaking plumbing system
  • Theft
  • Tree branches or trees falling on your property
  • Break down of your TV or satellite devices
  • Landslide or earthquake
  • Fire explosion
  • Lightening
  • Hurricanes and so on. 


In some cases, the policy may not cover your property damage caused by wear and tear, poor workmanship, or your general home maintenance. You can get policies that will cover some degree of personal liability. For example, in the event of an injury caused by the homeowner to another person, then your insurance may cover all or part of legal costs and compensation if any.


Some Special Coverage And Extra Options


Home insurance can cover a variety of other options at the choice of the homeowner. They include;

  • Covering for accidental damage is not included in the basic policy. They include accidental damage by the homeowner or of possessions that you take outside of your home. 
  • Legal advice and expenses related to disputes like personal injury and property disputes. 
  • Impersonation and identity theft with compensation for a total cost of reclaiming your identity. 
  • Home emergencies like the cost of labor for repairs, or if you have to stay outside your home, maybe in a hotel, you will get accommodation compensation.


Comparing Home Insurance Policy


You may do an online comparison for home insurance policies but you must ensure that you are thorough. It is not just to buy the cheapest insurance policy available but to confirm the type and level of what each policy covers. 

You must ensure that you look closely at the coverage and not just assume any part. For instance, some insurance covers home damages caused by a homeowner to the home or your personal properties that you take out of your house but if you rent out this property or you are living outside the home, it may not be covered. 

Also, there is a coverage called new for old and indemnity. The new for old coverage will cover the replacement cost for your items and building a new home. The indemnity coverage on the other hand is cheaper than the new for old cover policy but provides lesser quality of protection. Your payouts are affected by the depreciation in an indemnity coverage.


How Much Insurance Do I Need As A Homeowner?


In the case that your home is destroyed by one of the reasons covered by your insurance, the amount your insurance provider will payout is the amount of Yoruba insurance as a homeowner. Hence, you must ensure that you have the cost that will cover rebuilding your home and replacing your possessions. This is why new for old is preferable in coverage level than indemnity. 

There’s a form of insurance referred to as bedroom rated which is based on the insurance levels and not on any valuation of the insured money. The level of coverage for a bedroom-rated cover depends on the house size, considering the number of bedrooms. For example, you may be able to get an insurance cover of 700,000 pounds for the house and 70,000 pounds for its contents. Also, the same with other kinds of insurance, it is your responsibility as a homeowner to make sure that the policy limit you chose is enough to cover your rebuilding and replacing costs.

For all the policies, you will get a limit on valuable possessions like jewellery, ornaments, electronics, and arts. If your standard insurance policy does not include the value of these possessions then you can acquire extra insurance to protect them. 


Tips To Reduce Home Insurance Premium


  • If you buy both home and contents insurance from the same insurance company, you are likely to get a discount.
  • If you can pay an annual premium instead of monthly, some providers will charge you about 5% less of the actual amount. 
  • An increased policy excess may reduce premium which means you are going to pay more for every claim.
  • Installing home security like BSI approved locks, alarms, and other security components may make you pay less premium for home and contents insurance policies.