Many homeowners arrange buildings and contents insurance when they first move in, then simply allow the policy to renew year after year without giving it much thought. However, your circumstances, belongings and even your home's value can change over time, making it essential to review your cover regularly.
Whether you've just bought your first home or have lived in your property for years, here are five reasons why buildings and contents insurance should never be overlooked.
1. It Protects Your Biggest Investment
For most people, their home is their most valuable asset.
Buildings insurance helps cover the cost of repairing or rebuilding your property if it's damaged by unexpected events such as:
- Fire
- Storm damage
- Flooding (where covered)
- Subsidence (if included in your policy)
- Burst pipes
- Vandalism
Without adequate insurance, the cost of major repairs could run into tens or even hundreds of thousands of pounds.
If you have a mortgage, your lender will usually require you to have buildings insurance in place from the point you exchange contracts.
2. It Protects Everything Inside Your Home
While buildings insurance covers the structure of your property, contents insurance protects the things that make it your home.
This can include:
- Furniture
- TVs and electronics
- Laptops and tablets
- Clothing
- Jewellery
- Kitchen appliances
- Children's toys
- Personal possessions
If your belongings are stolen, damaged or destroyed following an insured event, contents insurance can help cover the cost of replacing them.
Many people underestimate the value of everything they own. If you had to replace every item in your home tomorrow, the total cost would probably be much higher than you think.
3. Mortgage Requirements Are Just the Beginning
Most mortgage lenders insist on buildings insurance because the property acts as security for the loan.
However, protecting your home shouldn't just be about meeting your lender's requirements.
Insurance is there to protect your finances too. Without it, an unexpected event could leave you paying for expensive repairs while continuing to meet your monthly mortgage repayments.
Having the right cover provides reassurance that you're financially protected if the unexpected happens.
4. It Can Save You from Significant Unexpected Costs
Life doesn't always go to plan.
A leaking pipe could damage multiple rooms.
A kitchen fire could require extensive repairs.
A burglary could leave you replacing thousands of pounds' worth of belongings.
Without insurance, these situations could have a major impact on your savings and financial wellbeing.
The right policy helps protect you from these unexpected expenses, giving you one less thing to worry about during an already stressful time.
5. It Gives You Peace of Mind
Perhaps the greatest benefit of buildings and contents insurance is knowing you're protected.
You hope you'll never need to make a claim, but if something does happen, having suitable cover means you won't be facing the financial burden alone.
It's one of those products you rarely think about, until you really need it.
When Was the Last Time You Reviewed Your Cover?
Your insurance needs can change over time.
It may be worth reviewing your policy if you've:
- Moved home
- Renovated or extended your property
- Bought expensive furniture or technology
- Received valuable jewellery or gifts
- Started working from home
- Not reviewed your insurance for several years
Making sure your cover reflects your current circumstances can help prevent unpleasant surprises if you ever need to make a claim.
We're Here to Help
At go2protect, we help homeowners arrange suitable buildings and contents insurance that fits their needs and budget.
Whether you're buying your first home, moving house or simply reviewing your existing policy, we'll help you understand your options and ensure your home is properly protected.
Want to review your current cover?
Get in touch with Laonie today for friendly, straightforward advice and peace of mind that your home, and everything in it, is protected.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within was correct at the time of publication but is subject to change. This information does not constitute as advise.
