Why is getting home insurance important?

Did you know that almost 1.23 million people claim home insurance every day in the UK? Out of all these claims, almost 82% of the home insurance claims get accepted irrespective of the damage or cover required. Getting insurance for your home has become increasingly important over time. From the increase in cases of vandalism to accidental damages resulting from a leaking pipe or an exhausted heater, all have led one to think twice about having a safety net to fall back on in case things go south and convince oneself why getting a home insurance is important.

Types of home insurance


While getting a home insurance is important, what is even more crucial is understanding the different types of home insurance available for you. In the UK, there are typically two types of home insurance. These include:


Building insurance



insurance provides cover in case of any damage to your home’s structure. This includes the roof, walls, floor and even fixtures and fittings to some extent. Besides providing cover, building insurance helps a great deal in getting a mortgage. Some of the most widely claimed events covered by building insurance include:

  • Vandalism
  • Water damages (usually from leaking pipes)
  • Oil leakage from the heater
  • Falling trees, fire and explosions
  • Vehicle collisions (for example, a car or a lorry)
  • Natural events such as floods, storms and other natural disaster



If you’re renting a house, then the responsibility of taking out a building’s insurance falls on your landlord but if the property is your own, then getting building insurance is extremely important to protect yourself from any future financial crunches. 



Content insurance

Unlike building insurance, content insurance covers any kind of loss or damage to the things in your house that do not fall under the umbrella of the house or building’s structure. It covers all your personal belongings that are not physically attached to the structure against theft, fire, flood or any other accidental damages. Some of the most common things covered by this type of insurance include:



  • Furniture,
  • Electrical goods
  • Clothing and even
  • Your jewelry

Why is getting a home insurance is important?

Now that you know the different types of home insurance, it is crucial to consider some of the key reasons why getting a home
insurance is important

Provide you with financial protection

This is perhaps one of the most important reasons why people in the UK opt for getting home insurance. From damages to stolen possessions and even the costs involved in repairs and replacement, if you have a solid insurance plan in place, you are financially protecting yourself, your property and your possessions. And if
you face any damages by chance, then getting a home insurance policy keeps you financially protected and mitigates risks of potential losses.


It helps in getting a mortgage


Another key benefit of getting a home insurance is that it helps in taking out mortgages. Since your property is the mortgage lender’s security on loan thus, it is
natural for the lender to demand some sort of protection to ensure that their financial interest is insured against any damages.


Help in finding an alternative accommodation


While practicing caution and hoping for the best is what we all try to do, sometimes it is wise to be prepared for the worst. For instance, what if your house
suddenly became inhabitable due to water or oil leakage? Or what if it caught on fire or was subjected to vandalism? Such events help one realize 
why getting a home insurance is important since home insurance not only helps financially but also helps you and your family by providing alternative accommodation until your house is safe enough to go back.


Provide cover for accidental damages



 Since accidents can occur anywhere, anytime, and in any form, many insurance policies also tend to offer clients cover for accidental damages. From guests accidentally spilling wine on your expensive new carpet to piercing a nail through a pipe, your insurance provider can easily obtain the cost of all repairs and replacement if you are covered for accidental damages.

Home emergency covers


Having a home emergency cover on your insurance plan allows you access to a 24-hour helpline in case of home emergencies. So whether your gas pipe just burst or
your home was broken into, having a home emergency cover helps a great deal in times of such panic and chaos.


Trading old for new


Another great reason why getting a home insurance is so important is that many insurance policies also tend to provide a new for old cover. From a laptop to a microwave oven or even your favorite smart TV, many insurance policies providing new for old cover offer a replacement if any of your possessions are lost or damaged. Since this feature may not be available on all insurance policies, it is best to check out different insurance policies and the types of covers to find one that provides you with the maximum protection.



Final Words  

Now that you are well aware of key reasons why getting a home insurance is so important perhaps it is time to consider getting a home insurance. Remember! Unforeseen events can happen without warning resulting in causing substantial damage or destruction of property. Thus in order to keep yourself protected against any financial strain, choose an insurance policy that best caters to your individual needs and requirements. As the saying goes, there’s no place like home and it is our job to cherish and keep our homes protected against any and kinds of risk or perils. Good luck!

Valerie Young

Valerie Young

Valerie Young writes for Find Compare and is a writer and editor in London.

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