What is home insurance?
Home insurance is a general term used to describe a combined house insurance policy made up of both buildings and contents insurance. This type of insurance provides dual coverage, safeguarding both the structure of your home and its contents.
Buildings insurance
Buildings insurance covers the physical structure of your home, including:
- Walls, roof, and floors
- Permanent fixtures like fitted kitchens and bathrooms
Whether you need to replace carpets due to water damage or rebuild an entire wall, our building insurance brokers are here to help.
Contents insurance
Contents insurance covers personal possessions inside your home, including:
- Furniture, clothing, mobile phones and other electronics
- Jewellery and valuable items
While contents insurance doesn’t pay the item’s original price, it provides coverage for the replacement cost.
Our home insurance brokers know that your home represents more than just property – it’s your sanctuary, filled with memories and valuable possessions. Rebuilding after a disaster, whether structural or personal, can be financially overwhelming without the right protection.
Imagine a scenario where a burst pipe causes extensive water damage to your home. Without buildings insurance, you’d be responsible for the costly repairs to the structure. And without contents insurance, you’d have to replace all your damaged belongings at your own expense. Having buildings and contents insurance offers peace of mind.
Having buildings and contents insurance offers peace of mind and a house insurance broker can help find the right policy for your home.
Underinsurance is an issue that can have devastating financial consequences. In the aftermath of a covered event, discovering that your insurance payout falls short of the actual cost to rebuild or replace your belongings can be a significant setback.
It’s crucial to regularly review your policy and ensure that your sums insured accurately reflect the current value of your property and possessions.
What does buildings and contents insurance cover?
Coverage can vary by provider, but here’s an overview of what’s generally included:
Buildings cover:
- Fire, lightning, explosion
- Storms, floods, and earthquakes
- Subsidence, heave, landslip
- Vandalism and malicious damage
- Escape of water (e.g. burst pipes)
- Falling trees and aerial impact
Contents cover:
- Theft or burglary
- Fire, smoke, and water damage
- Accidental damage
- Loss of personal items outside the home (typically within a set value limit)
- Temporary accommodation if your home is uninhabitable
Important: Buildings insurance covers the cost of rebuilding, not the home’s current market value, while contents insurance covers the replacement cost of your items, which may be more than you expect when tallied up.
Additional protection: optional extras
Many insurers offer optional add-ons to further customise your policy:
- Accidental Damage Coverage: Protection for unforeseen mishaps like spilled coffee on electronics.
- Legal Expenses Cover: Assistance with legal disputes.
- Home Emergency Cover: Coverage for urgent repairs like a boiler breakdown, or this can include situations where you lose access to your home due to a lock malfunction or other emergency.
Reviewing these extras carefully can help you customise your policy to your exact needs.
What doesn’t it cover?
It’s important to be aware of common exclusions and limitations in buildings and contents insurance policies:
- Wear and Tear: Damage caused by normal wear and tear is typically excluded.
- Neglect: Damage resulting from neglect or lack of maintenance may not be covered.
- High-Risk Items: Certain high-value or high-risk items, such as jewellery or artwork, may require additional coverage or may have specific limitations.
- Unoccupied Property: Leaving your property unoccupied for extended periods can affect your coverage.
- Natural Disasters: Some policies may have exclusions or limitations related to specific natural disasters, such as floods or earthquakes.
By understanding these exclusions and limitations, you can make informed decisions about your coverage and ensure you have the protection you need.
We at IMC Mortgage Brokers are experts in assessing these factors to find you the most competitive and suitable policy for your needs.
Tips for choosing the right policy
Choosing the right buildings and contents insurance policy requires careful consideration.
- Assess your needs: Evaluate the value of your property and possessions to determine the appropriate level of coverage.
- Compare quotes: Our brokers can help you to get quotes from multiple insurers to compare coverage and pricing.
- Read the fine print: Understand the policy terms, conditions, and exclusions before making any purchases.
- Consider additional extras: Explore optional add-ons that can enhance your coverage, such as accidental damage or home emergency cover.
- Seek expert advice: Consult an insurance broker or advisor for personalised guidance.
The claims process: what to expect
While we hope you never have to experience it, understanding the claims process when it comes to your buildings and contents insurance can alleviate stress if the unexpected occurs. Here’s a breakdown:
Step by Step
Initial Notification
Contact your insurer as soon as possible after the incident. Provide them with your policy details and a brief description of what happened.
Step 1
Assessment
Your insurer will assess the damage and may send a loss adjuster to evaluate the extent of the loss.
Step 2
Documentation
Gather all necessary documentation, including photos, videos, receipts, police reports (if applicable), and any other evidence that supports your claim.
Step 3
Settlement
Once the assessment is complete, your insurer will offer a settlement based on your policy coverage and the extent of the damage.
Step 4
Repairs or Replacement
You can then use the settlement to repair or replace your damaged property or possessions.
Step 5Remember, maintaining open communication with your insurer throughout the process is crucial. Be prepared to answer their questions and provide any additional information they may need.
Why choose IMC Mortgage Brokers?
Navigating the world of insurance can be complex. We bring 20 years of experience as trusted advisors in insurance and mortgage markets. Our expertise and household insurance brokers help you to:
- Identify new policies or incentives
- Understand your property’s insurance needs
- Get the best coverage tailored to your situation
How to Determine Your Insurance Needs
When taking out home insurance, remember:
- Buildings Insurance: Cover the cost of rebuilding, not the market value of your home.
- Contents Insurance: Assess the replacement cost of your possessions, not what you paid for them.
You might find that your belongings are worth more than you realise once you consider everything from electronics to furniture, jewellery, and more.
High-Value Home Insurance: Tailored Protection for Your Assets
For high-net-worth homeowners, standard insurance policies often fall short. Your valuable possessions, extensive property, and unique lifestyle require specialised coverage. Our high-value home insurance brokers understand the complexities of insuring luxury homes and their contents. We work with leading insurers to create bespoke policies that protect your assets and provide peace of mind. From fine art collections and antique furniture, to high-performance vehicles and extensive wine cellars, we ensure every aspect of your lifestyle is comprehensively protected.
Get a Personalised Quote Today
At IMC Mortgage Brokers, we believe in a personalised approach. Our specialist home insurance brokers take the time to get to know you, your home, and your specific needs to recommend the best policy options available.
