Buying a property is likely to be your most significant purchase, so it’s important to protect that investment with building and content insurance. A Moneysprite property insurance adviser can assist your household in finding the most suitable and preferential building and content insurance to avoid potential financial ruin.
What is building and content insurance?
Building and content insurance is a single insurance policy that covers the structure and contents of a property against natural disasters and theft. It is possible to find separate policies for building and content but choosing to protect your property and possessions within single cover can be advantageous. You will only need to deal with one insurer should you need to make a claim, and you might get a discounted policy.
What is buildings insurance?
Building insurance covers the cost of repairing structural damage to a property after flooding, fire, storms, earthquakes, or explosions. The policy should cover the full cost of repairs to the building’s structure, as well as cables, pipes, fencing and drainage systems. If the property has been damaged beyond repair and needs to be rebuilt, the policy will cover the complete cost of rebuilding the home.
What is contents insurance?
Contents insurance is an insurance policy that covers the cost of replacing possessions within a home against natural disasters but also theft. For example, if a fire destroyed furniture or a burglar stole electrical goods, the content insurer would replace these items. Content insurance might extend to personal possessions carried on an individual when outside of the home.
Why do I need buildings and contents insurance?
Building and content insurance is essential to any homeowner. It will cover eye-watering and usually unaffordable costs of repairing and rebuilding a home should a natural disaster occur. Personal household possessions can also have significant value and insuring them against natural disasters and theft is worthwhile. Moreover, banks may require you to have building insurance to get a mortgage.