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What is a home insurance policy?

Home insurance is there to safeguard your home and its contents against theft or damage. You home insurance policy assists you with the financial costs of unavoidable harm (fire or flood damage) to your property. It will also provide you with financial aid should you need to replace precious items in the event your home be burgled.

What does home insurance cover?

There are three variations of home insurance cover on the market:

• Home (Buildings) and contents insurance – this covers your house and your belongings against loss or damage in event of fire, theft, or storm (flood damage)
• Home (Buildings) insurance – covers your house and other structures such as your garage, fences or shed
• Contents insurance – covers your belongings, such as your clothing, furniture, white goods, and electrical goods

Do I really need home insurance?

Most mortgage providers will not grant you a mortgage without the assurance you have home insurance, but it is not a legal requirement. The security of home insurance means that you will be covered against the potentially huge costs that flood, fire, or theft could incur. The expense of covering these repairs without insurance would be unmanageable for many of us.

If you live in a rented property, you don’t generally need buildings insurance, but you will want to insure your possessions through contents insurance.

What does home insurance cover?

Your home and contents policy will cover damage caused by theft, flooding, storms, and fire. Accidental loss or damage to your possessions in or outside the house, may require additional cover, which is worth bearing in mind if you have pets or children. Valuable items that you take out of the home, such as jewellery or a mobile phone, require insurance cover as a single item. The possessions of those living in the house with you will also be covered on your contents policy.

You can opt for extras such as ‘new for old’ on your home insurance policy. Items that are lost, damaged or stolen can be replaced at their original cost rather than at their current worth if you pay for this additional clause on your insurance premium. Payouts on a ‘current value’ policy can be considerably less than you paid for the item that has been damaged or needs replacing. Make sure to ask your provider about this before you take the policy out.

Other things that aren’t covered in general are: medical equipment, ride-on lawnmowers, expensive computer equipment, as well as the contents of your shed, freezer, or garage, unless you stipulate that you want them covered. Damage through wear and tear is not usually covered. Speak to your advisor when you are enquiring about home insurance so that you can be sure of protecting all your valuables. We can help you with finding the right policy.

Is it worth claiming on my home insurance?

It’s not worth claiming on your insurance until the cost of the repairs needed is considerably higher than the excess (the pre-agreed sum of money you will pay your insurer in the event of a claim). You will also need to consider any voluntary excess you are required to pay upon making a claim. Determining how much voluntary excess you are prepared to pay is an important part of navigating your insurance quote. If you wish to pay a higher excess in the result of a claim, it may reduce your monthly insurance payment. Speak to us at Apricot, we can answer the questions you may have about finding the right quote to suit your budget.

When should I renew my home insurance policy?

Before your existing policy is due to renew, check out what else is on offer. You may pay more if you stay with your current provider. If you start looking about three weeks before the expiration date is due, you could save yourself considerable amounts of cash. Let us help you, we have knowledgeable advisors that you can trust. We can find you that cheap home insurance quote, saving you time and money.

What can invalidate my home insurance policy?

There are many things that can invalidate your insurance, such as inflating the cost of your valuables, not notifying your insurance company of any changes, taking on a lodger, and using your home as a business if you don’t inform your insurer. Speak to your advisor about what might invalidate the policy before you take it out so that you are completely in the know.

Here at Apricot Insurance we have more than 35 years’ experience in the insurance industry and work with household names to bring you the best-quality insurance quotes for your needs. Search for a home insurance quote on Apricot today and you could save money and will definitely save time, rather than trawling through a load of individual company websites.