IF you own or live in a property of any description, then chances are you will need some sort of Property Insurance.
Property Insurance is basically Buildings and/or Contents insurance. It is a financial instrument designed to protect your home and belongings against loss.
If you own a house then you’ll need Buildings and Contents insurance. The buildings element will protect you against the property burning down and needing to be rebuilt in the most extreme case. It also protects against subsidence, flooding, theft, breakages and a lot more as well. Almost anything major that can damage the property is covered.
Contents insurance is designed to protect the items and possessions you have in the property. Everything from your TV and sofa to curtains, clothes and spare cash can be covered. Contents insurance is interesting in that if you need to protect items away from home such as jewellery or bicycles, then you can specify them on the policy and they will be protected if stolen from work or other lost. You can add accidental damage cover as well. So if you spill a bottle of red wine on your new white carpet, it will be replaced for you.
Property Insurance for renters
Property Insurance for renters is different. In most cases the landlord will insure the buildings, as it is his asset. That leaves the tenants to insure their own belongings with Tenants Contents Insurance. This acts exactly the same as contents insurance and has all the same facilities if you need them to cover items away from the property. Like any contents policy, it will cover the contents against loss or theft while in the property itself.
The only people that don’t need Property Insurance are the uber-wealthy who can self-insure anything they like because they have billions of pounds in the bank. But these sharp cats tend to insure everything anyway because they know it makes sense to be financially covered for a tiny amount of money that will cover huge values.
A typical Property Insurance buildings and contents insurance policy in the UK costs around £200 and will give enough cover to protect a typical property against full rebuild and replacing all contents inside. Given that can be £200,000+ worth of cover for £200, it makes sense to do it.
You can price compare and buy Property Insurance from UK leading specialist brokers at http://www.thepropertyinsurer.co.uk/.