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Home Insurance

Home Insurance

There are three main types of home insurance: Buildings Insurance, Contents Insurance (can also have a combined Buildings and Contents Insurance) and Landlords insurance.

Building Insurance

  • Unlike your car, you can legally own a home without Home Insurance, however if you finance your home with a mortgage, your lender will most likely require you to have Home Insurance coverage to protect your home in case of damage cause by unforeseen circumstances, such as fires or natural disasters.
  • Buildings insurance covers the cost of repairing damage to the structure of your property.
  • Building Insurance includes the walls, windows and roof as well as permanent fixtures and fittings such as baths, toilets and fitted kitchens.
  • This policy will pay out after a set period of time, for example between 30 to 90 days after redundancy.
  • As a general rule, Buildings Insurance covers the cost of rebuilding your house from the ground up.

Contents Insurance

  • Contents Insurance, covers the cost of replacing your belongings in your home if they are damaged, destroyed or stolen.
  • Generally, your ‘contents’ are defined as the items that you would take with if you moved home. These include but are not limited to:
    • Furniture: beds, sofas, wardrobes and dining tables and chairs
    • Kitchenware: cutlery, cookware, microwaves and kettles
    • Entertainment: video games, toys, DVDs and CDs
    • Soft furnishings: cushions, curtains and bedding
    • Electricals: TVs, laptops and game consoles
    • Clothes and jewellery
    • Ornaments and antiques
  • Contents Insurance can be taken as a standalone policy or as part of a combined Home Insurance policy with Buildings Insurance.

Landlords Insurance

  • Landlord Insurance is similar to Home Insurance but is specifically designed to cover rental properties.
  • Home Insurance is typically not enough to cover a buy-to-let property, for example Home Insurance will often only cover properties that have been uninhabited for up to a month, whereas landlord insurance will usually allow a home to be empty for three months. This flexibility is useful as it allows for void periods between tenancies.

Types of Landlord Insurance

  • Landlord Buildings Insurance

    • This covers damage to the structure, such as from a fire or a flood, and the cost of making repairs.
    • It also covers the cost of rebuilding the property in the event of extreme damage.
  • Landlord Contents Insurance

    • This kind of insurance is especially important if you will be renting out a furnished property.
    • It covers the cost of replacing or repairing furniture and fixtures such as carpets, kitchenware or electrical items such as TVs.
    • It will not pay out for any damage to items that tenants bring to the property – they will need to take out their own contents insurance if they want protection for their possessions.
  • Landlord liability insurance

    • This will cover you in the event of a tenant or a visitor to the property being injured and you being held responsible.

Additional Features

    Beyond basic cover, there are additional features you can get with Landlord Insurance.
  • Rent guarantee insurance: this will protect you against a loss of income from tenants not paying their rent.
  • Legal expenses cover: this will cover your costs if you're involved in a legal dispute with your tenant.
  • Home emergency cover: if your property's supply of gas, electricity, heating or water is , this can cover the cost of repair and help to get it fixed more quickly.

We at Homestraight Mortgages Limited can offer our services through our advisers who can assist & help you find the best plan which meets your requirements.