Home Contents Insurance

In many cases you may be offered buildings and contents insurance cover when you take out a mortgage, but you should bear in mind that the cost of this type of cover can vary quite dramatically from one lender to another, and you should never assume that the one recommended to you is going to be the cheapest one. Your best bet is to shop around and determine which level of home insurance cover is right for you and which home insurance provider offers the best deals on this type of cover.

It is also important to bear in mind that there are often many restrictions and conditions attached to this type of cover, and you should read the small print on the policy before you commit to the policy. You should also familiarize yourself with the policy thoroughly so that you are aware of what you are covered against in the future, and also to determine if and when you might need additional cover (e.g. if you bring an expensive item of jewellery or other item into the house that may not automatically be covered).

The Internet is an excellent place to find a great deal on home insurance cover, and you can quickly and easily compare the different deals on offer from a range of companies. The Internet will enable you to see what you will be covered against, as well as compare the premiums in order to find a policy that is both suitable and affordable.

Certainly, the importance of having the right home insurance in place should never be underestimated. In fact, recent research shows that during the last decade, those in the over 50s age bracket have made more claims for home break-ins that occurred on June 6th than any other day of the year. The reasons why are attributed to this particular age group taking their summer holidays early to avoid school holiday price hikes, as well as making the most of the lighter evenings. Also, it is likely that the children of those in their fifties have left home, meaning that their property is unoccupied and therefore possibly more of a target for thieves.

Of course, June 6th is just one day a year – we are not suggesting you never leave your home on that day in a bid to beat the burglars! Your home is vulnerable at any time. Instead, by taking some preventative measures and ensuring that you have suitable over 50s home insurance such as contents insurance and buildings insurance in place, you are giving yourself the best protection possible.

Insurance, in its various forms has existed for thousands of years, but home insurance in the UK is a relatively modern phenomenon for the majority of homeowners. Available only to the wealthy prior to the start of 20th century, the uptake in home contents insurance policies has more or less matched the growth in accumulated wealth of the UK population.

Prior to 1900 the majority of the British population did not own their own home and the houses in which they lived boasted very few possessions. Home ownership grew moderately during the next 60 years, but it wasn’t until the last 40 years of the 20th century that it really boomed. In 1950 home ownership in the UK stood at 29%, by the mid-1990s that had risen to 70%. In addition, the personal wealth of Britons, even excluding property, rose rapidly.

Sacrificing home insurance may save a few hundred pounds each year, but in the long term it could prove a false economy. As a property is a huge asset and a source of income, it is vital it is properly protected.

Landlords require buildings insurance to protect the bricks and mortar of a home as well as its fixtures and fittings. However, they should also consider contents insurance too. Specialist insurance providers will offer landlords two levels of contents cover – one level for unfurnished properties, typically around £5,000, to cover carpets, curtains and so on; and one level for furnished properties, typically around £40,000, for homes with sofas, tables, televisions and so on, that the landlord owns.

Specialist policies are also worth considering due to the cover options they can provide – such as emergency assistance and cover for a loss of rent if the home is left unoccupied due to an insured event.

The AA also produces a shop around index which shows the average of the three lowest quotes received for each risk group. The average buildings insurance premium on this index is £133.13 – this is much closer to the premium a homeowner should receive as long as they take steps to shop around.

Finding the three lowest quotes may seem like an arduous task with more than 50 home insurance companies in the UK. However, searching for a competitive deal is relatively straightforward if you use a comparison website to compare the policies available. With these websites it only takes one search to see what the majority of the leading insurers have to offer and using these services is free.