Home Owners Insurance

Home owners insurance providers offer a wide assortment of products for property owners in the UK. If you've only ever shopped for basic building insurance, which protects the structure that you live in against common hazards, you may not realise how many optional extras and specialist policies are available to home owners. For a tailored policy that suits your lifestyle and your home, compare a quote from several of the top providers in your area.

Home owners insurance is compulsory when you take out a loan to buy a residence. However, insuring the contents of a dwelling is not mandatory, unless you are renting a property and your landlord requires you to insure your belongings. Many home owners elect to combine their house and contents cover to protect both the building itself and their movable property, such as furnishings, carpets, appliances and clothing. By combining these covers, you can save money on both policies and achieve greater peace of mind about the security of your assets.

Home Owners Insurance Rates

The cost of home owners insurance can vary considerably, depending on the rates established by your insurance provider. When you're shopping for a competitively priced policy, bear in mind that although insurers consider similar criteria when they set your rates, these rates can differ from one provider to another. The age of your structure, the structural materials used to build the dwelling, the neighbourhood where you live and the number of people who reside in the building contribute to the cost of your cover.

Rates may also be affected by the amount of cover you require and the value of your property. Insuring a house for its rebuild value, or the sum required to reconstruct the dwelling, is more costly than securing the property for its market value. The market value of a house represents the sum you would receive if you were to sell you home on the current market.

Older homes, which may have problems with the foundation, plumbing or electricity, generally have higher rates and must be insured for their market value. Reconstructing an old house using materials identical to the original may be difficult and costly, if not impossible. Listed buildings, which have historic significance to the community, must be covered with specialist home owners insurance to pay compensation for restoration to the building's original condition if it is damaged by fire, smoke, flood, water or oil escape, forced entry theft or other covered peril.

The extent of your cover also contributes to the cost of insurance for property owners. Multi peril policies, which cover any potential disaster or criminal act except for a list of exclusions named in your contract, are more costly than named peril protection, which covers only a list of selected perils. All peril coverage, which insures a house against any possible disaster, is the most costly level of cover of all. In fact, all peril policies have become extremely difficult to find.

Home Insurance for Tenants and Landlords

Although tenants do not own the actual building that they occupy, they do own the movable property that they bring into the dwelling. Furniture, carpets, appliances and other items may be insured by home owners insurance that pays out to replace these belongings if they are destroyed by a peril named in the contract. Home owners insurance for renters is restricted to the content of your rental house or flat, even though you most likely think of the structure as home.

Landlords insurance protects the owners of buy to let properties against the financial consequences of public liabilities as well as the costs of replacing or repairing damaged property. Because the landlords of investment houses are also considered business owners, these individuals should carry liability protection, which pays out if a tenant is injured or suffers a loss on the premises. Specialist home owners insurance policies for landlords may even pay out to replace lost revenue if a tenant defaults on the rent.

Landlords insurance may also replace lost revenue if a fire, flood or other disaster makes the dwelling uninhabitable, and tenants must relocate whilst the building is being repaired. To ensure that the landlord's financial responsibilities and the tenant's responsibilities are kept separate, a landlord should require that a tenant carry his or her own coverage to replace any lost or damaged belongings. Coverage for landlords may be tailored to protect every aspect of the business.

Home owners insurance options are more varied and extensive than the average owner may realise. Accidental damages and special occasions options are available to protect belongings from household mishaps and theft during holidays or birthdays. A vacant property option protects a dwelling whilst it is left empty during renovation. Compare quotes on tailored policies from the leading providers to obtain complete protection for your residence.