Home Insurance UK
Buildings and Contents Insurance Guide
When you own a property you have to insure the building and your
possessions in the event of damage, for example from a fire and
Most mortgage lenders will try to get you to take their own policy.
But if you shop around you could save yourself
This no longer involves you trudging through the phone book. By
using the internet you can have the market checked for you by filling
out a simple application form on various insurance websites.
Buildings and Contents BUYING TIPS
Note that Rebuilding costs are not the same as
the market value of your home. Often they're less than half - for
example they don't include the cost of the land.
You'll overpay if you get this wrong. But if you
underestimate it you'll have major problems if you're responsible
for rebuilding the property
Check out the Association of British Insurers booklet
called "House rebuilding costs". Tel 020 7600 3333.
Never underinsure your contents and possesions.
Even shabby old furntiure will be expensive to replace.
Many people regret having miscalculated when it comes to having
to buy new things and finding how much we should have insured for.
To estimate properly:
Go through each room in your property and make a list of what you
have. Be realistic about the replacement costs.
Get an independent evaluation for high value items, antiques etc.
Be wary of so called "blanket cover" packages. These are based
on the number of rooms. You can end up paying more than necessary.
Shop around for better quotes than your lender's
offering and you could save thousands.
How to Get Your Best Quote
The best thing you can do is checkout a specialist broker. They
should be able to find you the best prices and also the most appropriate
deals ie where someone has read the small print.
Always get THREE quotes. And don't forget: if you go direct to
an insurance provider they'll only tell you about their own "products".
and Contents Insurance
Protection Decreasing Term Assurance