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There
are 4 parts to home insurance cover that you should
consider for your home, these are as follows:
-
Buildings insurance which covers the buildings
and fixtures and fittings e.g. bathroom suite
etc [guide]
-
Contents insurance which covers your possessions
within your home. You should ensure that the
limits on this part of the policy meet your
needs including any high risk items [guide]
-
Personal possessions cover provides cover for
items that you take outside of your home. Many
policies allow items up to a certain amount
to be covered but items over that need to be
specified
-
Legal protection provides cover for legal costs
should you need to pusue your rights as a home
owner
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Levels of cover
There are three levels of cover that are generally on offer. These are:
- Accidental damage
new for old - this covers your property for all of the normal risks such
as fire, flood and theft as well as any damage that is done by accident
to your property or contents e.g. spilling paint on carpet. Any items that
can't be fixed will be replaced with brand new items
- New for old - this
will replace any insured items with new if they can't be fixed. Often a
limited level of accidental damage cover is provided e.g. TVs, DVD players
and computers
- Indemnity cover -
this is now thankfully rarely sold now as all this provides is the estimated
value at the time of loss in the event of an insured event. E.g. if you
TV was 5 years old and cost £700 you may only get back £25 for
it i.e. the second hand value of it. Our advice is avoid at all cost
How to save money
- Shop around - each
insurer will provide a different premium because they view the risk differently.
- Security - most insurers
will offer a discount for good security e.g. locks and alarms.
Get cover for
what you need.
Buy online - many insurers
offer a discount if you buy online like some of the companies listed on this
page. This will mean that by buying online you will get a better price than
if you phone them.
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