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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 you need to meet - although not all forms of insurance really are a legal obligation, it makes good sense to have them anyway. This short article takes a look at what renters and homeowners need to find out 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 crucial part of this is the buildings insurance since it is a legal requirement to have this if you own your own house. Typically, when you are getting an estimate you will need to enter the rebuild price of your house. This is dissimilar to the resale value of your house, so it could be worth double-checking to make sure you have got the right amount. This will then be used to calculate your insurance quote.

Additionally it is important for homeowners to take out contents insurance because this is what covers everything within your house, whereas buildings cover typically covers exactly the structure of your house and then for any outbuildings that you might have too. This means it is important to know the value of all of your possessions since this amount will be used when calculating your contents insurance quote.

Read More - It's also worth checking whether you might be able to save anything by taking out joint buildings and contents cover, as sometimes insurance firms offer deals that will help you get good value for 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 (for example jewellery) to make sure you have adequate cover.

Insurance for renters

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

Click to Save - However, renters will still have to take out contents cover their property as it is generally not the landlord's responsibility to provide this. Also, some rented properties have some of the landlord's property included; this is doubly important to insure properly, or else you could find yourself having to pay for items that aren't yours in case of them being stolen or damaged. Even when your landlord has separate insurance for his or her own possessions, it is still worth taking out comprehensive contents insurance on your own so you can have peace of mind that everything is taken care of.

Conclusion

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