WHAT IS CONTENTS INSURANCE?
This covers the possessions belonging to you and to close family members who live with you. This policy pays for damage to, or loss of, an individual’s personal possessions while they are located within that individual’s home. Contents insurance is usually sold alongside home insurance but it can also be purchased as a stand-alone policy, especially for those who are renting rather than owning their home.
If you stop to think about the sheer amount of stuff that you own, you realise just how much it would cost to replace everything – usually tens of thousands of pounds. There are various benefits available based on what you require but some policies will allow you to include your personal belongings for when you are out and about including items like your mobile phone, wallet and cash.
WHAT IS HOME INSURANCE?
This is designed to protect an individual’s home against damage to the house itself, or to possessions in the home. It provides cover against accidents in the home or on the property. There are different types of home insurance and, depending on the type of house or any special circumstances, you might need something a bit more specialised. Below outlines a standard buildings and contents policy. Depending on your preferences, you can get cover for either or both at the same time.
WHAT IS LANDLORDS’ INSURANCE?
This is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of insuring any contents that belong to the landlord that are inside. If you are a landlord, you are responsible for the upkeep and maintenance of the building that you are renting out. The policy normally covers standard perils such fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Landlords’ insurance policies typically do not cover any personal property belonging to tenants, or otherwise protect the interest of tenants; although a liability policy protecting a landlord or property manager will be of benefit to tenants should they incur a loss for which the landlord is responsible.
WHAT IS BUILDINGS INSURANCE?
It offers cover for your property’s bricks and mortar and its permanent fittings and fixtures, but not the contents. This usually extends to outdoor buildings as well, for example: garages, sheds and greenhouses, but not fences, walls and gates.