Buying your first home is an exciting time, and homeownership brings with it a whole new world of freedom and independence. However, it also carries with it a host of obligations and challenges. Home insurance can offer some financial protection to homeowners against the most common causes of damage to their property. It isn’t a legal requirement for homeowners to have insurance, but most agree that it is worth the cost.

What Is Home Insurance?

In the UK, home insurance generally consists of two separate policies that are provided as a single package. One of these policies covers the property and any surrounding buildings, the other covers the contents of the home. While many insurance providers will offer both of these in a single package, you can also choose to purchase insurance for your house and surrounding buildings from one provider and contents insurance from another.

What Does It Cover?

The house and buildings component of home insurance will provide coverage for your home, as well as any fixtures and fittings contained within. Any outbuildings on the property, including sheds and garages, are usually included. However, the precise list of what is and isn’t covered will depend on the specific insurance policy you are considering.

Every policy is different, but most basic policies will cover any damages arising from any of the following:

  • Floods
  • Storms
  • Malicious damage
  • Fire
  • Falling trees

Most policies also include a degree of personal liability insurance. This will provide financial protection in the event that someone is injured on your property and you are found to be legally liable.

Finding the Best Deal

Home insurance is not like car insurance – it is not a legal requirement for homeowners to have home insurance. However, given that most people’s homes are their most valuable assets, it makes sense to get them insured. Home insurance can be expensive, but it doesn’t have to be. There is a wide range of home insurance packages out there, reflecting the wide range of residential properties available.

It stands to reason that a small cottage doesn’t require the same level of coverage as an expansive mansion. Some home insurance policies will provide coverage of contents up to a value of £50,000, whereas others will offer coverage that rises into the hundreds of thousands of pounds.
Whatever type of policy you need, though, you can use an online price comparison service such as Quotezone to compare home insurance quotes and understand the differences between each policy.

Home insurance might not be a legal requirement, but it is definitely something that every homeowner should seriously consider. Should something happen to your home, you don’t want the pain to be compounded by a massive financial hit. Home insurance provides you with peace of mind and security.