A guide to home insurance in the UK

This article will highlight the importance of having home insurance in the UK, what to consider when looking for an insurance service provider and the different factors affecting home insurance rates. This is going to help consumers make an informed decision when it comes to the protection of their homes.

Home insurance policy in the UK

Scope of cover
Home insurance policy covers your buildings against fire and allied perils, lightning earthquake, floods, burst pipes and theft. A home insurance policy also covers household contents and buildings. Depending on your circumstances, you can purchase separate policies for your contents and buildings. There are a few things that you need to consider before taking out a home insurance policy in the UK. Insurance rates
There are a few things that will determine the buildings insurance rate.
House value
The first thing is the value of the house. If your house has got a high value, it means more premiums.
Location
The location of the building also determines the insurance rate you are going to pay. For example, houses located in areas prone to natural disasters are expensive in terms of premiums. Materials
The building material used in construction is also important. Thatched houses for example, are expensive to insure because of their high risk to fire. Compare insurance rates
It is important to do a home insurance comparison before you can choose a service provider. There are plenty of buildings insurance companies in the UK and you can easily do the insurance price quotes online.
Knowing what you want
It is important to know what you are looking for first.
Advice
It might be a good idea to insure your contents and buildings with one insurer in order to reduce the insurance rate. All policy exclusions and any terms and conditions must be closely examined.

Get adequate cover

Disclose all material facts to the insurer
As a property owner, it is important to ensure that you are always adequately insured. In the event that you purchase new furniture or you have extended your house, you need to inform your insurer so that they amend your policy accordingly. Failure to inform the insurance provider may result in under-insurance, meaning that you only get paid for the amount you have insured. Use a reputable insurance company
At the end of the day, you want to make sure that you insure your home at a reasonable price and with a reputable service provider. There are many websites that you can use to compare quotes. Choose a service provider that provides cover at a low premium. Final word
Having home insurance in the UK is important because even mortgage lenders also require applicants to have home insurance before they can approve loans.