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The Lowdown On Home Insurance
By Craig Davies
Whether you’re insuring your car, your pet, or your home, it’s vital not to underestimate the importance of insurance. Home insurance, in particular, can help to protect your home should any unforeseen circumstances arise like flooding, theft or fire. Many people are unaware of what they’re signing up for when they invest in home insurance, so here’s a quick guide to some of the things you should find in your policy.
Loss or damage to buildings from specific events. One of the key reasons to invest in home insurance, this cover means that should anything happen to your home that is beyond your control – flooding, fire, theft, storm, subsidence, escape of water etc – you will receive money to help you with the costs of rebuilding. The Co-Operative offer up to £500,000 of cover for rebuilding costs – an amount you certainly wouldn’t want to have to come out of your own pocket.
‘New for Old’. As a part of your contents cover, most home policies offer a ‘new for old’ replacement cover which means that, should any of your insured possessions be stolen or damaged beyond repair by something beyond your control, your company will replace
them with a new item of equal value.
Architects’, surveyors’, consultants’ and legal fees; costs of debris removal and of local authority requirements. This cover can be particularly helpful if you’re planning to do any expansion work on your house. Fancy a nice loft conversion? Then you’ll need to hire people in the know to do some planning for you, and it won’t come cheaply. With home cover you’ll receive money to help you pay for these costs, so that you can have the home you want without the bank balance from hell.
Legal Expenses Cover. Some companies, like Co-operative Insurance, automatically provide legal expenses cover in the price of your policy, however others may need to be told to include it. When it comes to legal expenses cover, most companies offer up to £50,000 to help towards legal assistance in a variety of civil disputes.
Obviously home policies differ depending on the company you go with, but most policies will offer the same basic options like those listed above. It’s up to you to shop around a bit to make sure your policy best suits your needs, and that you get the right amount of cover for your home.
Get a home insurance quote online at The Co-Operative Insurance.
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