Building And Contents Insurance - So You Think You Don't Need It?

Most people in the UK would still insure their cars even if the law didn't require them to

, simply because cars cost a lot of money and most people are afraid their car will end up getting damaged or even stolen.

Ironically however, it seems that a large percentage of the population don't feel the same way about their homes and all their other possessions, even though the average home costs several times more than the most luxurious of cars.

In the vast majority of cases, a family's household belongings cost more that their car does and that's without taking the cost of their home into consideration. Why then do approximately one in four people fail to insure their homes? What makes this even harder to understand is the fact that burglaries are rife in the UK and even though thieves can't steel your home, they can still vandalise it and clear out all your valuable contents.

Generally speaking, buildings and contents insurance go hand in hand, although it is possible to get one without the other. Basically, if you're a tenant, then contents insurance is adequate enough, in that the landlord will already have the premises insured. On the other hand, if you own your own home, then you should of course opt for both types of insurance.

Buildings and contents insurance provides home owners with a substantial amount of protection against all types of unforeseen disasters and as such, it's something no home owner should be without. Let's go ahead and take a quick look and the basics of this type of insurance cover.

Buildings insurance is essentially just as the name implies, in that it covers the actual building itself, as well as any outbuildings such as garden sheds, greenhouses and garages. Perimeter walls or fencing are also covered, together with other fixtures such as built-in kitchens and built-in bathrooms. In fact, building insurance covers everything which is considered to be irremovable, such as flooring, roof tiles, baths, shower units and etc.

Once again, contents insurance is exactly as the name implies, it that it covers you against loss or damage regarding the contents of your home. In other words, all household items such as your fridge, oven, stove, television, DVD player and your stereo system will be covered against loss and/or damage.

Most policies will also cover valuables such as jewellery, cash, mobile phones and etc. In fact, even the contents of your fridge and freezer will be covered.Obviously, if you're a tenant with very few valuable belongings then you may feel contents insurance is simply not worth the extra expense. On the other hand, if you regularly reach for that credit card in order to buy the next thing that takes your fancy, contents insurance is highly recommended.

After all, you're not likely to be in a position to replace all your belongings if you haven't even finished paying for them yet in the first place.Of course if you actually own the property you live in, it would be shear madness to be without home buildings and contents insurance. How many people are there out there who can afford to lose their home to a fire for example and yet still be able to afford a second home?

If you're currently paying off a 25 year mortgage, the chances are you simply won't ever be able to afford another home if your current home is destroyed. This is exactly why every home owner should have adequate insurance. After all, how can you possibly be sure you'll never be on the receiving end of some calamity?

by: Tom Jones

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