If you own your own home, whether it’s a two-bedroom flat or a four-bed detached property, you’ll need to have buildings insurance in place to ensure you would pay for any necessary repairs, should your home suffer any damage.
Depending on your lender and your circumstances, buildings insurance is usually a condition of your mortgage. If you own your own home, it makes sense to have this type of insurance in place and without it, you could be putting your mortgage and your home at risk.
What is buildings and contents insurance?
Buildings insurance covers damage to your home’s structure, such as the walls, roofing, floors, and often fixtures and fittings too. For instance, if you have a fitted kitchen or bathroom, your insurance is likely to pay for any repairs you need.
Contents insurance is for things like furniture, TVs, personal belongings and some types of flooring, including carpets. A simple way of putting it; if you turned your house upside down, contents insurance will cover you against the belongings that fall out of it. Different policies provide different levels of cover but usually you’ll be covered against theft, fire and flood.
You can buy both buildings and contents insurance separately or as a joint policy.