What is Contents Insurance?

Contents Insurance covers what’s inside the building itself. That’s your furniture and possessions. There’s often some confusion over what’s covered by Contents Insurance and what’s covered by Building Insurance – for instance, are fixtures and fittings covered by Building or Contents Insurance?

Unfortunately, the answer isn’t straight forward. However, some providers offer insurance products which include Building and Contents Insurance combined which will usually be far cheaper than arranging each separately and insures that you are covered for most common eventualities.

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What does Contents Insurance include?

The following are usually covered under your Contents Insurance policy:

● Damage from fire.
● Flood damage.
● Theft.
● Accidental breakage (at an extra cost).
● Vandalism to your contents – including non-permanent fittings such as carpets.

Should I take out Contents Insurance?

Although it’s rare for mortgage providers to insist on Contents Insurance, it’s a very good idea to have it anyway. Usually non-permanent fixtures and fittings, such as carpets, laminate flooring, tiles and curtains or shutters aren’t covered under Building Insurance alone. Your provider will unlikely pay to replace these unless you have Contents Insurance in place too.

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What is Building Insurance?

Building Insurance safeguards the actual structure of your home and any permanent fixtures and fittings, such as your bath or kitchen cabinets. If your home floods or suffers a fire, your insurance company will pay to either help with rebuilding or fixing your property.

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What does Building Insurance cover?
Building Insurance saves having to pay out for damage from:

Fire from an electrical fault, bad weather or simple human error.
Flood including damage from leaking pipes, taps or bad weather.
Frost including damage caused by frozen pipes.
Theft or attempted break-ins.
Accidental breakage with some policies.

Some Building Insurance policies extend to cover your garden and any outbuildings. Every policy differs, so do check the small print beforehand.

Typical things Building Insurance includes:

Alternative accommodation while your home is being fixed.
Fixing leaking pipes from water or heating systems.
Addressing subsidence or landslides.
Damage caused by falling trees on your property.
Replacements or repairs to broken windows – either through
accident or theft and vandalism.

Building Insurance exclusions:

It’s unlikely that your provider will provide cover for any of the following:

Wear and tear.
Damage to outside pipes from frost.
Storm damage to your garden gates, fences and plants.
Deliberate damage caused by you or anyone living in your home.
Damage caused by animals – including pets, birds and insects.

It’s possible to invalidate your policy by vacating the property for longer than 60 days or renting out your home without seeking your insurer’s permission. It’s a good idea to check with your provider beforehand if you’re planning on taking a long holiday or letting your home out while you’re away.

Should I take out Building Insurance?

Yes. Every mortgage provider insists that you are covered by Building Insurance before completing on your new home.*

*Some properties may come with buildings insurance built in and paid for through a service charge. Speak to an MMD adviser to see if you are covered.

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