UK Home Insurance Guide

When you take on the responsibility of a mortgage you will also need to take responsibility for the structure of your new home and its contents. If you are buying a flat, the buildings insurance may be taken out by the freeholder and you will pay premiums as part of your service charge. If it's not, or you are buying a house, then it's up to you to provide cover. The easiest way to arrange insurance is through your mortgage lender - and 55 per cent of first-time buyers do, but this is usually the costliest way to buy insurance.

Each year, tens of thousands of homeowners unthinkingly renew their home and buildings insurance with their current insurance company, not understanding that in all likelihood they would benefit from a better level of cover without paying more.

Whilst home and contents insurance is often seen as a commodity, and therefore not varying in quality from one insurer to another, this is a long way from the truth. It is well worth you thinking about some key points and considering whether you're with the right insurer. Below is an inside view on some of the main issues for you to assess.

Claims Service
Insurance is an unusual product. You pay an insurer money up-front in the hope that when something goes wrong in the future they will compensate you under the terms of the policy. A claims service which is fast, efficient and takes the stress out of any claim situation is important.

Breadth of Cover
Most insurance policies will cover you for a specified list of events (fire, explosion, theft, storm flood etc), but very few give full accidental loss and damage cover as standard.

Area of Cover
Insurance policies tend to clearly define where your possessions are covered. Many restrict cover to 'in the home' only, others have restrictive cover once items are taken outside the home and only a few provide comprehensive cover anywhere in the world. The top of the range cover is usually referred to as 'world-wide all-risks'.

Security
Most insurance policies nowadays will insist on a minimum standard of window and door locks. Depending on your sums insured and where you live, you may also be asked to fit an alarm. The key thing to watch out for is that most insurers insist that your security is fully put into operation every time you leave the house or go to bed at night. Others are more relaxed and whilst asking for security, will leave it to your sensible discretion as to when it is used.

Valuable items
If you have a decent level of jewellery, watches, fine art, antiques or collections then you are probably going to be asked to specify individual items over a certain amount (usually £1,000) and also provide recent valuations upfront. A few insurers take a more lenient view and will insure these items under your home insurance policy without this hassle.

Theft
Check your policy to see the level of cover given for theft outside of your home. Some insurers will only pay a claim if 'forcible and violent entry to or exit from a building' is involved. Others will provide wider cover for any theft.

Limits
Check your policy for any monetary limits imposed on the cover. For example, theft from cars, theft of money, garden equipment, losses from outbuildings and pedal cycles. These limits not only vary widely between insurers, but some may not provide any cover at all.

Read our Frequently Asked Questions section for more information.

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