Home insurance is a general term used to describe two very different types of insurance:
Buildings insurance – for permanent fixtures and fittings, like kitchens and bathrooms
Contents insurance – for things you keep in your home, like furniture, TVs and personal belongings
You can buy both types of insurance separately or, in many cases you can get them as a joint policy from one insurance company. It also depends on whether you own property or if you’re renting property. Get a Quote
What is buildings insurance?
This is a policy, which covers damage to the structure of your home such as the walls, roof and floors. It usually covers damage to fixtures and fittings too. So if you’ve got a fitted kitchen or bathroom, your buildings insurance policy is likely to pay for any repairs you need.
What does contents insurance cover?
Very simply, all your personal belongings. In other words, anything not physically attached to the building will usually be covered for loss or damage, including:
- Electrical goods
Are you a renter?
If you rent your home or apartment, you need home contents and personal possessions insurance. Home contents insurance covers things that remain in the home, such as appliances, furniture, and fine art.
Personal possessions insurance, on the other hand, covers valuables carried outside the home, such as electronics and jewellery. This insurance will repair or replace your items following damage from fire, flooding, theft or vandalism.
Home contents and personal possessions insurance are typically for renters. Usually, it is your landlord’s responsibility to have an active building insurance policy on the apartment or villa itself.
Are you a homeowner or landlord?
If you own your home, your first priority should be building insurance.
Building insurance covers the structure of your home (walls, roof, windows, etc.) if it is damaged by fire, flooding, natural disasters, theft, or vandalism.
It may also cover lost rent, lock replacement, injury to family members inside the home, and tenant liability (if you are a landlord). If you own an apartment within a tower, you can purchase a building insurance policy specific to your unit, while the exterior of the building is usually covered by a separate commercial policy.
For standalone villas and homes, the building insurance policy covers both interior and exterior of the home. You should also add home contents and personal possessions coverage to fully protect your home and everything inside it.