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Buy Now - Home insurance is one of those issues that it is very important to know about as you have certain legal requirements that you need to meet - and although not all forms of insurance are a legal obligation, celebrate good sense to have them anyway. This informative article takes a look at what renters and homeowners need to know when it comes to the types of home insurance that they need.

Insurance for homeowners

Should you own your own home there are two types of home insurance that you'll want: buildings and contents insurance. The most important part of this is the buildings insurance since it is a legal requirement to possess this if you own your own house. Typically, when you are getting an insurance quote you will need to enter the rebuild worth of your house. This is dissimilar to the resale value of your house, so it could be worth double-checking to make sure you currently have the right amount. This will then be employed to calculate your insurance quote.

Additionally it is important for homeowners to get contents insurance since this is what covers everything at your residence, whereas buildings cover typically covers just the structure of your house and then for any outbuildings that you might have also. This means it is important to understand the value of all of your possessions since this amount will be used when calculating your contents insurance quote.

Read More - Additionally it is worth checking whether you may be able to save money by taking out joint buildings and contents cover, as sometimes insurance agencies offer deals which will help you get good value for the money. It is also good practice to check exactly what is covered by your policy and to take out additional insurance for any particularly valuable items (including jewellery) to make sure you have adequate cover.

Insurance for renters

If you rent your home then the rules of home insurance will be slightly different for you. This is because it is your landlord's responsibility as the owner of the property to take out buildings insurance. Once you move into a new rented property, it's really a good idea to ask them what buildings cover they have so you can be certain you is going to be protected in the event of a fireplace or other emergency.

Click to Save - However, renters will still have to take out contents cover for their property as it is generally not the landlord's responsibility to supply this. Also, some rented properties come with some of the landlord's property included; this is doubly vital that you insure properly, otherwise you could find yourself paying out for items that aren't yours in case of them being stolen or damaged. Even when your landlord has separate insurance for their own possessions, it is still worth taking out comprehensive contents insurance on your own so you can have reassurance that everything is looked after.

Conclusion

Overall, property insurance for renters and homeowners isn't too complicated however it might require a bit of research to get the most appropriate insurance for your needs, and that you are protected from the right level of cover.