Maine Finance

May 17 2018

Home Insurance

Why do you need Home Insurance?

Home insurance protects your house and everything inside it including the fixtures, fittings and all of your belongings. It will cover theft and damage to your property caused by fire and bad weather, and will protect your possessions against theft, damage and loss.

Chances are your house will be the most expensive purchase you ever make. Not only that, it’s filled with your most cherished possessions. And because no two homes are the same, we offer different types of home protection to make sure homeowners, renters and landlords all get the right cover. There are three main types of home cover – buildings, contents and combined.

What type of cover do I need?

If you’re a homeowner and live in the property, you may want to purchase a combined policy which includes both buildings and contents cover as you’re responsible for anything that happens to your home and its contents.

Renters only need to look at contents cover as your landlord is responsible for the structural maintenance. However, you should always check the terms of your rental agreement to be sure.

If you’re already a homeowner, or you’re a first-time buyer, you will be aware that buildings cover is a condition of a mortgage offer.

What is buildings insurance?

This cover protects the bricks and mortar of your home, if your walls, roof, ceiling, fitted kitchen and any other structural items were damaged, you would claim on this policy. Fire, water and malicious damage are all covered by Admiral Buildings Insurance .

It’s important you calculate the rebuild cost rather than the estimated value of your home. Be sure to give an accurate valuation as over-estimating could leave you paying higher premiums, while under-estimating could result in you receiving a lower payout if you were to claim. Read our calculating rebuild costs guide to help with the sums.

The difference between buildings and contents cover

While buildings cover protects the structure of your home and most things fixed down, ‘contents’ covers your possessions – basically, the things you’d take with you if you move. A Contents insurance policy isn’t compulsory, but could you replace everything in your home if it was stolen or damaged?

Contents cover protects items in your home such as your furniture, clothes and electrical items if they are damaged, lost or stolen, up to 150,000 depending on the level of cover you choose. Just like with a buildings policy, you’ll need to estimate the value of the items you want covered in your home. To help you work out what your contents are worth, use our contents calculator for guidance.

You will need to tell us about any high risk items you or your family own which are worth more than 1,000. Think of things like computers, laptops, audio visual equipment and jewellery. Read more about contents insurance .

What information do I need to get a home insurance quote?

It’s easy to get a home and contents insurance quote with Admiral – and it takes less than 6 minutes to get a price.

Once you’ve decided which type of cover is right for you, click on the get a quote button and have the following details ready:

1. Property details

You’ll need information about the property you want to insure including:

  • Number of rooms
  • Year property was built
  • How it’s heated
  • Security systems and locks

2. Who lives there?

You’ll need information about the property you want to insure including:

  • The people living in the property
  • Occupants’ job titles and marital status
  • Who owns the property
  • How often it’s left empty

3. Exterior details

Moving to outside of the property, we want to know about:

  • Roof type
  • Signs of subsidence
  • Trees taller than 10m close to your property
  • Previous flooding

4. Rebuild costs and cover needs

In this final section we ask for:

  • Rebuild costs (we will help you estimate this in your quote journey)
  • Value of your contents – we have a handy calculator to help you with this
  • Any bikes and valuables (worth more than 1,000) you want to cover

If you’re looking for cheap home insurance get a quote with Admiral – you could pay as little as 98 if you insure your home (10% of Admiral level combined customers from February to July 2017 paid less than 90)

Your questions answered

We’re sure you’ll love our great products but maybe you have a few questions. You can find answers in this section.

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