It’s important to ensure you put the right insurance in place to protect your home, it’s contents and your overall financial security.

Your home is more than just bricks and mortar. It’s the result of years of hard work; a place where memories are created, and a home for valued and treasured possessions. Making sure you have the right insurance for your home could provide real peace of mind.

Choosing a Home Insurance policy

Every household is unique, and what benefits your neighbour may not necessarily benefit you. Here are some key points to consider when choosing a policy:

• Buildings Sum Assured – This should be enough to cover the full cost of rebuilding your property. The rebuilding cost is not the same as market value, and may change if you extend or alter your property.
• Alternative Accommodation – Knowing your policy includes alternative accommodation can be reassuring should you need to leave your property, due to an event like flood or fire.
• Contents Cover – Many insurers offer a standard level of contents cover (eg. £35,000). This may seem like a lot, but it’s surprising how the value of your possessions, including things like your music collection and clothes, can quickly add up.
• Accidental Damage Cover – Policies will automatically cover you for the consequences of certain events (eg. flood and fire), but not accidents. You may therefore want to find a policy that includes accidental damage cover.
• Cover away from the home – If you take your valuable items away from your home, you may want to consider covering your personal possessions separately under your Contents policy.

It might not pay to save

Many insurance companies promote their Home Insurance products based on price. While it might be tempting to go with the cheapest premium you can find, it may not actually provide the right level of cover for you and could include hidden excesses. Insufficient cover could leave you significantly out of pocket when you need to make a claim.

How to measure quality of cover

Just like the hotel industry, many Home Insurance policies are star-rated based on the quality of cover provided. This star system is operated by independent research firm Defaqto.

One or two-star products will offer simple, basic cover. A four or five-star product will deliver higher levels of cover, with additional benefits.

Buying online

While the internet may seem a quick and easy way to arrange Home Insurance, be careful. Many websites apply default settings to generate the cheapest quotes. However, these default settings may not be right for you and the level of cover you need.