While it isn’t a legal requirement in the UK, it is highly recommended for homeowners and strongly advisable for renters. Here’s some reasons why:
This type of insurance covers the structure of your home, including the walls, roof, floors and permanent fixtures like kitchen and bathroom fittings.
Contents insurance covers your personal belongings inside your home, including furniture, electronics, clothing, jewelry, and other valuables.
This is a comprehensive policy that combines both buildings and contents insurance.
If you're renting a property, this covers your personal possessions against theft, fire, and other risks, but it doesn't cover the building itself.
If you are a landlord, you can purchase landlord insurance, which provides coverage for the structure of the building and may also include coverage for loss of rental income, liability protection, and contents (if you are renting a furnished property).
This type of insurance is designed for homes with higher values and includes coverage for high-value items such as art, antiques, and jewelry.
The cost of home insurance in the UK is influenced by various factors, and insurance providers consider these factors when calculating premiums. Key factors that can affect the cost of home insurance in the UK include type of coverage, property location, value, age and condition, security measures, claims history and your age, occupation and lifestyle.
Older properties may have higher insurance premiums because they can be more susceptible to damage. However, factors like location and the condition of the property also play a role.
You can usually make changes to your home insurance policy. If your circumstances change, such as home renovations or acquiring valuable items, contact your insurer to update your coverage accordingly.
While you don’t need buildings insurance if you’re a tenant, it’s advisable to have contents insurance to protect your personal belongings. Landlords may also require tenants to have insurance.
If you need to make a claim, contact your insurance provider as soon as possible. Provide all necessary information and documentation, such as photos and receipts, to support your claim.
You can usually cancel your policy, but there may be cancellation fees or terms and conditions to consider. It’s important to review your policy’s cancellation policy and check with your insurer.
*51% of consumers could save £165.27 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next seven cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from September 2023. The savings you could achieve are dependent on your individual circumstances