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What is Buildings and Content Insurance?

Placed under the bracket of home insurance, this is a combined insurance that will cover you in the event of damage to your property and contents. While those in rented accommodation might only consider taking out contents insurance, those people who are homeowners will normally be asked to take out building insurance by their mortgage provider.

Building insurance will cover you in the event of a natural disaster, or any situation beyond your control where your house has been damaged.

Contents insurance covers any item in your home that is not fixed to your property. These can include furnishings, pieces of electrical equipment, and jewellery. While you will be covered for any damages that take place to your home contents, you will also be covered for instances of theft.

While it is possible to take out these two insurances separately, it is sometimes more cost-effective to buy combined cover.

Should you pay for this type of insurance?

As we suggested, your mortgage provider will usually ask that you do. It might be a requirement of you taking out a mortgage. However, regardless of the demands of your mortgage provider, you should still consider this type of insurance necessary. After all, it can be difficult to predict the future, as you never know when disaster might strike. If you needed to make house repairs or replace any of your furnishings after a disaster, you might find yourself in dire financial straits without the necessary insurance to pay for your losses. However, with the right coverage in place, you wouldn’t have to dip into your savings or emergency fund to bail you out of trouble, and you wouldn’t have to worry about all of those other expenses that come with being a homeowner.

What is covered by this type of insurance?

Unlimited cover will ensure an automatic payout if you need to make repairs to your home, or if you need to replace any contents. However, you will only get a payout if damages made were beyond your control, such as a natural disaster akin to storm or flood damage. And only some of your contents will be covered, so it is worth checking with the insurance provider before you pay for coverage.

You can also add optional extras to your cover. While you can expect a hike in your insurance premium if you do, you will benefit from the extra peace of mind that comes from knowing that your needs are covered.

Optional extras include:

• Accidental building damage – This includes the damage caused by yourself to your property.
• Accidental contents damage – As above, but in relation to the contents within your home.
• Home emergency – Should a disaster happen within the home, such as a burst pipe, you will be covered for some of the repair costs necessary and have access to a tradesman you can call out for free.
• Legal liability – if a person is hurt within your home, you could be covered if they decided to sue you.
• Personal belongings – from iPhones to laptops, you will be covered if they are damaged or stolen.

To find out more, speak to your local insurers, and consider the type of coverage that is right for your needs.