Buildings and contents insurance
Insurance that suits your needs
We strongly recommend taking out protection insurance alongside your mortgage. We can structure your policies to suit your individual circumstances.
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What home insurance covers
Let us also advise and provide the right protection for you and your family and protect your investment.
Buildings insurance
Covers the structure of your property - walls, roof, floors, permanent fixtures, and usually outbuildings, boundary walls and driveways - against risks including fire, flood, storm, subsidence and escape of water.
The sum insured should be the rebuild cost, not the market value. These are different numbers and often differ substantially. Rebuild cost is what it would cost to demolish and reconstruct the property, including site clearance, professional fees and compliance with current building regulations. It appears on most mortgage valuation reports.
Under-insuring risks the insurer applying "average" at claim - reducing the payment in proportion to the shortfall, even on a partial loss.
Contents insurance
Covers your possessions - furniture, appliances, carpets, curtains, clothing, electronics. Three things worth checking:
Single article limits. Most policies cap the amount payable for any one item. Higher-value items must be specified individually.
New for old versus indemnity. New-for-old replaces without deduction for wear and tear. Indemnity cover deducts depreciation.
Accidental damage. Often an optional extra rather than standard.
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When to review your cover
After any extension, loft conversion or significant improvement
After buying high-value items
If the property has been unoccupied for an extended period
Annually - auto-renewal premiums frequently exceed what is available on a new policy
If your circumstances change: letting a room, running a business from home, or a change in occupancy
Frequently asked questions
It is not required by law, but it is a condition of virtually every mortgage contract, as your lender requires the property securing their loan to be insured. Contents insurance is optional.
The sum insured should reflect the rebuild cost of the property, not its market value. Rebuild cost appears on most mortgage valuation reports and can also be calculated using the BCIS rebuild calculator. Under-insuring can result in reduced claim payments.
Yes. Lenders may offer their own home insurance but cannot require you to use it, provided the cover you arrange meets the requirements in your mortgage terms.
Most standard policies include subsidence cover, usually with a higher excess than other claims. Properties with a history of subsidence may need specialist cover.
Your landlord insures the building. Your possessions are your responsibility, so contents insurance is worth considering if you rent.