Things You Need to Know About Home Insurance

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Things You Need to Know About Home Insurance

Home insurance is one of the most important things that you should apply for protecting your house when it should go wrong. There are two separate types, which is buildings and contents insurance cover. The difference between buildings and contents insurance, buildings insurance covers the structure of a property including fittings and fixtures, while content insurance covers everything in your home.

Sound simple right? But there are some things that you need to know about home insurance. Please check this one out.

 

 

Things You Need to Know About Home Insurance

  1. Do I need home insurance?

We know home insurance especially buildings insurance will cover the home’s structure and it will be a private landlord or housing association responsibility, if you are renting the home you live in. Building insurance is typically the responsibility of the managing agent or freeholder of the building if you a leasehold basis homeowner.

  1. No Claims Discounts can be transferred

In home insurance, No Claims Discounts or NCDs are available for five years on home cover worth and save as much as 40%. You don’t have to stick with the insurer and also built them up with benefit. You can have it with a new provider.

  1. You will be rewarded for buying both home insurance types

You can get discount of between 10% or 20% annually if you buy both of buildings and contents insurance from the same insurer.

  1. Monthly premiums payment will cost you

If you choose a monthly payment, it will maybe cost you between 10% and 30% extra each year. The cost will pay into 12 monthly installments and premium home insurance premium.

  1. Rebuild costs are not the same as market value

If you extend or rebuild your home, the cost of home insurance cover is not the same as the market value of your home. The price may seem low, so you don’t be surprised. ABI calculator can help you to check out your rebuild costs in your home insurance.

  1. Empty home may not be covered

Most insurers will avoid home insurance cover if your home has been filled up or empty for 60 days or more. So your home is waiting to be rented or sold and maybe being renovated, you should watch out if you traveling for long periods.

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That’s all about the things you need to know about home insurance. Hope it’ll be useful for you who look for about that information.

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