Buildings and contents insurance: a general introduction


If you have just bought a property through a mortgage it is quite likely that one of the conditions of the mortgage was that you take out a buildings and contents insurance policy. These two policies used to be sold separately in the past but insurers have slowly come to understand that it is better for their clients if they come as one package. That said, they cover completely different things.

Buildings insurance is the type of insurance that you take out to cover the actual physical structure of your building. You can only have a policy like this if you own the property yourself. You can take it out on any kind of property. In most cases it will cover the main house but if you throw in a little more money you can cover any structures nearby such as your garage, a shed, a swimming pool and so on. You will be insured against loss by fire, flooding of any kind, burglaries, damage from falling debris and so on.

Contents insurance, on the other hand, is insurance that you take out for everything that is in your home. You will insure things such as your furniture, electronics, valuables such as jewelry, clothing and even any food or drinks that may be lost. You will be insured against damage or loss that comes from flooding, fire, theft, explosion and even accidental loss. This kind of insurance is excellent because it sometimes can extend to the loss of items that are not necessarily on your property. If you travel, for instance, to another city and your laptop is stolen, check whether it is covered by your contents insurance because in many cases it is.

You should be very careful not to underestimate the value of the property in your home when taking out contents insurance. Many people underinsure because they don’t know just how much is in the contents of the home. Take your time and go through every item one by one before you can come up with the value.

If you are looking for a buildings insurance Nottingham service you should talk to Mortgage Advice Services. They have different policies that you can choose from and their consultants are very experienced – they will guide you through every decision and answer all your questions. They can also provide contents insurance in Nottingham. You can find out more on their website, http://www.mortgageadviceservices.co.uk/insurance/

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