House and Home

Why Home Insurance is Essential for Protecting your Property and Possessions

Why Home Insurance is Essential for Protecting your Property and Possessions

Insurance is a broad subject and many people fail to appreciate the importance of having cover in place to protect your home.

Regardless of whether you live in a home of your own with your family or are renting a flat by yourself, you still need to take into consideration the value of your investment and how you can find the right insurance to protect it.

Home insurance is classified into two types: insurance for the building itself, and insurance for the contents within it. The average premium for ensuring the building and contents is £211, and the average premium for contents only is £80. Insurance companies offer the option to either buy these policies separately or get them together as a complete plan.

Ensuring for different types of property

The type of property where you live will certainly decide what type of home insurance you need. Expensive homes that are worth at least £1 million are a different case altogether. Properties that are worth a huge sum of money may need a high-value home insurance policy to cover any rare architectural features or simply to cover the sheer size of the property.

Ensuring the contents of the property

For high-value properties, the value of the home contents is often similarly high. These property owners have to consider the additional costs of antiques, wine collections or fine art. In fact, clients of Hiscox high-value home insurance are offered specialist fine art cover as part of their insurance policy.

For rented flats, on the other hand, you should only get insurance for the contents which you own. The landlord should have an insurance policy for the building and for other fixtures and furniture already provided before you moved in.

If you have a holiday home, you may not be able to find many insurance plans that cover properties that are empty for most of the year. Fortunately, some companies may offer a special type of holiday home coverage if you would like to get one.

Why Home Insurance is Essential for Protecting your Property and Possessions

How to determine the type of coverage you need for your home

You won’t be sure you’ve understood everything correctly when it comes to protecting our homes, but the amount of information and fine detail surrounding home insurance can often seem overwhelming.  It’s important to make sure you have enough cover for every eventuality, but also that you’re not paying for cover you don’t really need.  Here are some key things you need to consider:


  • Analyse if you need both buildings and contents insurance. As previously explained, the type of property you own will help you decide what’s best for you.


  • Carefully consider the level of cover you need, including extras you may want to add to your policy. Some example of extras include:
  1. Accidental damage coverage. This covers any unintentional incidents that may cause damage to the property such as breaking a window or staining the carpet.
  2. Legal expenses coverage. In the event that you get into any property disputes, this coverage can help with the legal costs.
  3. Coverage for personal possessions. If you have any valuable personal belongings such as jewelry, most home insurance policies have additional coverage. This is especially helpful if the coverage includes areas outside of the UK, for when you are traveling outside the country.
  4. Home emergency coverage. This covers emergency incidents such as flooding due to burst pipes, etc. You can call an emergency hotline that can assist you when something like this happens.


Lastly, always read the fine print before signing a policy. If there is a policy excess, think about whether you can afford it or not.

Some insurance gives you peace of mind and helps you safeguard your property and belongings. It’s often considered a necessity if you value your investment and would like to have the assurance and protection only home insurance can provide.