There is an old saying – ‘An English man’s home is his castle’.
You may or may not live in a castle, however, most people enjoy living in their home and they are a special place for them. They can be a place where you relax and unwind, a place where your children are growing up or maybe have already grown up and have found a place of their own. They are a place where you can usually be yourself and enjoy personal time.
Over the years you may have accumulated various possessions which might be special to you. These items may be family heirlooms which have been passed down and may have sentimental value or they may be items which are part of a collection you are building. They might be things associated with a hobby which you enjoy. Whatever the item and whatever the value they will be special to you.
With modern technology, a lot of people might have a higher value of contents than they think they may have. For example, you might have smart items such as security cameras, doorbells, Alexa and Google Home. Other items such as laptops, mobile phones and tablets all increase the value of your contents.
Some people have home insurance and some people think they don’t need it. If you are purchasing your home with a mortgage, the mortgage provider will usually insist on you have buildings insurance. An example of why this is required - If your home suffers major damage such as in a fire or a gas explosion your home will lose its value. The mortgage company would then have an interest in a property which is probably worth far less than the value of the mortgage.
Buildings insurance covers reinstating your home back to its original state before the incident happened. Contents insurance is totally different. You have the option of whether you decide to purchase it or not. The final decision might come down to whether you can afford to pay the premium.
Most insurers will let you spread the premium and pay monthly. Please be aware they may make a charge to do this and the amount may be classed as a loan and appear on your credit file. If you decide contents insurance is not for you then consider what you would do if there was a major fire at your property or there was a theft, and everything was stolen.
It is usually beneficial to get different quotes for the cover you need. Prices can vary quite a lot, although the price doesn’t give you any indication of whether the insurance cover is good or bad or what will happen in the event of a claim. You need to check the cover is right for your needs and the cover you are being offered may not mean anything to you.
Home insurance can be quite difficult to understand because of the various cover options available and the various exclusions which may apply to your cover.
Home insurance is not a maintenance contract and does not cover things which happen gradually. An example of this is damp and mould which happens over a period of time.