Home Insurance
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There are two parts that make up Home Insurance - Buildings and Contents.
Buildings Insurance
Buildings Insurance covers the actual structure of your building in the event of damage such as storm, flood, lightning strike, subsidence or fire. It literally covers the bricks, mortar, roof, floors, windows and doors. It will often often cover 'outbuildings' as well, like sheds or greenhouses, although you should check the policy carefully and not assume that everything is covered.
It is not a legal requirement to have buildings insurance, most lenders do make it a condition of your mortgage. If you choose to pay a bit extra, you can also add extra cover for accidental damage, which covers you for things like broken windows, or your foot going through the attic floor. Your policy will not usually cover such things as broken fences and will certainly not cover things that have have been affected through sheer neglect.
You should also be aware that your insurance will not pay out if you have left the property empty for a long time, so if you are planning a long journey check with your insurer that you will still be covered.
Contents Insurance
Contents Insurance covers your possessions in the home like furniture, carpets, curtains, clothes and ornaments. You are not required to have it but as a vast amount can be spent on the contents of your home, then insuring them against fire, flood or theft could end up saving you a lot of money when it comes to having to replace them after such an event.
Often you can also include in your cover such things as garden equipment or the food in your freezer should your freezer breakdown or money you may have left in your home. If you have an item that is particularly valuable, such as an antique or jewellery then you can insure these items seperately. You don’t have to use the same insurer for such items if do not wish to or you could put them together and buy just the one policy with these extra valuable items specified on it, or you could use the same insurer and insure these extra items seperatley. It is worth checking all routes to see what makes sense for you in terms of cost and cover offered.
Accidents (like spilling paint on your carpet) are not going to be covered unless you have taken out accidental damage cover as an extra option.
