Home Insurance Policy Types

Your home is one of your most precious possessions, so it makes sense to arrange adequate insurance cover. You can compare house insurance policies quickly and easily with MoneySupermarket's free online comparison service.

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But before you check out the best deals, it's useful to know the types of policy available. Here's a run down of the different types of insurance for your home.

Buildings insurance

Buildings insurance covers the structure of your property - including fitted kitchens and bathrooms - from a range of hazards including fire and storm. If you have a mortgage, your lender will insist on buildings insurance, though you don't have to buy the policy from your bank or building society. If you own your home outright, you can choose whether to take out building insurance. However, it is usually a good idea because structural repairs or rebuild costs can run into hundreds of thousands of pounds. Tenants don't need to worry about buildings insurance because it is the landlord's responsibility.

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Contents insurance

Most people choose to insure the contents of their home. After all, it could be expensive to replace all your belongings if they were stolen or damaged by water or fire. Most of us underestimate the value of our house contents, so it's a good idea to go through each room and make an inventory before you buy a contents policy. You might be surprised how quickly the value adds up. If you own anything particularly valuable, such as an antique or heirloom, notify your insurer as you might need to arrange individual cover. 

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Buildings & contents insurance 

Combined buildings and contents insurance covers both your property and your possessions. It is often cheaper to take out a combined policy, but it always pays to compare a range of quotes. Also, check the small print carefully to make sure that you have adequate cover for both buildings and contents.

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Tenants insurance 

Tenants don't need to worry about buildings insurance, but they should consider contents cover. The landlord is not responsible if your computer is stolen or your CD collection is damaged by fire, so you would have to pay for any repairs or replacements yourself.
It might be useful to extend the policy to cover your personal possessions when you are out and about. You would have to pay an extra premium but it might be worth it for the peace of mind, especially if you can't leave the house without a bagful of gadgets.
Most insurers will also cover accidental damage to your landlord's contents as well as your own, which can be handy if you spill red wine on the carpet.

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Students insurance 

You might not think that students need contents insurance, but the value of their personal possessions can be high, particularly when you take into account iPods, iPhones, laptop computers and perhaps a bicycle. Some insurers will add students to their parents' contents policy, but it can be cheaper to take out separate insurance.
If you are living in shared accommodation, you will each need your own contents cover. And don't forget that you can add accidental damage and cover for your belongings outside the home.

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When you've decided on the right type of home insurance policy type for you, simply visit our comparison service to get quotes from more than 75 companies.