Home Owner Insurance

It isn’t compulsory for property owners to take out home owner insurance by UK law; however when it comes to insuring your home, this type of cover provides not only peace of mind, but financial security also.

If you imagine that your entire property could need rebuilding, perhaps following a fire, this could amount to tens of, or hundreds of thousands of pounds, that few people can afford from their own pockets.

You can take out home owner insurance to just insure your building, which is your major asset, or include contents insurance to cover the possessions within your home also; these too can amount to hundreds of thousands of pounds to replace.

A qualified surveyor will be able to tell you the rebuild cost of your property, and this is the figure you should use when approaching home owner insurance companies for a quote. Insurers will ask you for this ‘rebuild figure’ as a basis for their quotation, and you should preferably opt for an index linked policy; with these the insured value increases with inflation.

With regards to covering your contents, you can assess your insurance requirements by walking through each room of your home and adding up the cost to replace each item; calculate the cost to replace each item ‘as new’ as if you were to purchase it today rather than the price you actually paid for it.