Your home is often your largest asset and your future financial stability, so it makes sense to protect it against unexpected events. Flood, fire and burglary can happen in any home along with other unexpected events and disasters and home insurance is there so you can rebuild and replace what is lost if these things come to pass.
Home insurance is also a requirement of most mortgages, it is required so that if anything were to happen to your home the lenders financial interest is protected. It also protects you against the worst happening to your home so you are also protected should the unexpected happen.
There are two main types of insurance when it comes to protecting your home, buildings insurance and contents insurance. Both need to be considered when protecting your home as the need for one will very often necessitate the other.
What would it cost to rebuild your home from scratch? This is what buildings insurance can cover if your home had to be rebuilt, this would not be the same as the market value of your home because you most likely already own the land it is built on and the location including the value of the local services, amenities etc. Buildings insurance can also cover smaller items of your home for example the roof if that were to be damaged, some buildings insurance also includes things like burst water pipes, boiler breakdown or electrical failures. Buildings insurance is likely to be a requirement of your mortgage. Items included in buildings insurance can vary quite widely which is why discussing your requirements with the team at Rosebank Mortgage Brokers will ensure you pick the most appropriate buildings insurance for your needs.
Contents insurance covers all the items in your home that do not form part of the structure of the building. This can include floor coverings, furniture, electronics like TV’s etc. If you had to replace absolutely everything in your home how much would it cost? Probably more than you think, and this is why the right contents insurance is so important.
The contents of your London home could be lost or ruined partially or in their entirety in a flood, fire, burglary or other unexpected event. Most contents insurance policies offer a new for old style of cover which means you will get the full replacement value of the item if you need to claim for it. Some policies also offer replacements on accidental damage and insurance for items that are used away from the home including phones, laptops, jewellery and cameras.
Knowing what you need to have covered with buildings and contents is important and then you can work with one of the experienced team at Rosebank Mortgage Brokers to find the best insurance product to protect you should unexpected events happen.