PROPERTY INSURANCE is something that anyone living in a dwelling in the UK will need in one form or another. Whether it is the requirement to protect the buildings or the contents or both,
Buildings insurance will protect the building against loss. So if there is a fire, in the most extreme case, which will raze the building to the ground. In that case, buildings insurance will pay to have the whole property rebuilt. That is why you will be asked for the rebuild value of the property, which is the maximum amount the insurer will pay to have the building reinstated. It is vital you get the rebuild value right.
If you don’t want to have a survey for the rebuild value, then you’ll need to look back to when you bought the property and find the rebuild value noted on the survey or mortgage offer there. Then you’ll need to add compound interest each year to bring it up to date. Even then, I’d add £10,000+ just to be safe.
Buildings insurance is the bare minimum of what any property owner needs. It protects their most valuable financial asset against loss and damage. Contents insurance on the other hand protects your possessions and that is also very important.
Contents insurance can apply to property owners or tenants. Tenants generally do not need buildings insurance, which is the responsibility of the property owner. But if they own belongings and take them into the property then they will need tenants contents insurance.
Contents property insurance will protect anything you can think of from theft, fire and if you want accidental damage or loss. Jewellery, computers, cameras, televisions and sofas will all be replaced if lost.
You need to add up the total value of everything you own and then if possible keep receipts and other proof of purchase. Anything over around £1000 will have to go on the policy separately and be specified. Then you must decide on the excess you will pay in the event of a claim – how much you pay up front to contribute to the cost. Values are a lot lower in contents than buildings, so we suggest £50 – £100 at most.
To get the best property insurance, you should go to The Property insurer and fill in the form there that takes around 5-minutes. You’ll be able to compare prices from the best UK experts and buy online instantly.