Five bedroom home insurance

Compare cheap home insurance quotes for five bedroom homes

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Got a five bedroom house? Here's how to get the right home insurance at the right price.

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Home insurance isn’t compulsory, but if you live in a five-bedroom house, you will no doubt want to buy appropriate cover for what is probably your biggest asset.

There are two types of home insurance: buildings and contents.

Insuring your bricks and mortar

Buildings insurance covers the structure of your property, so the walls, doors, roof and any permanent fixtures and fittings, such as showers and toilets. In other words, anything you would leave behind if you were to move house.

Tenants don’t have to worry about buildings insurance because it is the responsibility of the landlord. But if you have a mortgage on your property, the lender will almost always insist that building insurance is in place when you exchange contracts.

Policies vary from insurer to insurer, but you should look for insurance that covers at least fire, flood, storm, subsidence, burst pipes and falling trees.

Insurers often offer different levels of cover, from basic to premium packages. However, a top of the range policy will usually command a top of the range premium. You can also typically buy additional extras such as accidental damage.

Setting your sum insured

The sum assured is the maximum the policy will pay out, so it needs to be accurate. If the sum assured is too small, you could end up with an insurance shortfall. If it’s too big, you could end up paying for cover you don’t need.

Put simply, the sum assured should be enough to cover the cost of rebuilding your home if, for example, it was burned to the ground. It’s not the same as the sale or market price of the property. In fact, it’s often a lot lower.

You can often find the rebuild cost on the mortgage documents. As you complete a quotation on our website, we will provide an estimated rebuild value using your postcode and information from the Royal Institution of Chartered Surveyors.

Remember, though, that the rebuild cost will change over time, so it’s important to keep it up to date.

Listed buildings

If your five-bedroom home is listed or it has unusual features, such as a thatched roof, you might need help from a surveyor to work out the rebuild cost. You might also need a specialist policy as not all insurers are happy to cover old or non-standard properties.

Some insurers don’t bother with the rebuild cost and instead base the sum assured on the number of bedrooms in the property.

However, it’s always worth checking the accuracy of the figure to make sure you are getting value for money.

A number of insurers also offer so-called unlimited cover with no maximum payout. It means you don’t have to worry about calculating a rebuild cost, but unlimited cover often works out more expensive.

Contents cover

Most people choose to insure the contents of their home as well as its structure against risks such as theft, fire and flood. After all, in today’s high-tech world, our houses are often full of expensive gadgets.

Remember, though, that the rebuild cost will change over time, so it’s important to keep it up to date.

It’s therefore important to make sure you buy enough contents cover. Some insurers calculate a sum assured based on the number of bedrooms in the property. But the easiest way to work out the value of your contents is to conduct a room-by-room inventory.

Don’t forget to include the shed and the garage because we often store valuable possessions such as bicycles or lawnmowers outside. It might be worth a peek in the loft, too.

Single item limits

The sum assured is the maximum the policy will pay out but some firms also impose an individual item limit.

Let’s say you have a sum assured of £50,000 and thieves steal a camera worth £1,500, a watch at £1,000 and a £3,000 laptop from your home. You might assume the policy would have it covered, but if the insurer has a single item limit of £2,000, it would pay out only £2,000 for the laptop.

In other words, you would be left with a shortfall of £1,000. 

Always check the individual item limit before you take out contents cover for your five-bedroom home. You can often negotiate a higher limit if necessary but you will probably also have to pay a higher premium.

Accidental damage

You might also have to pay more if you want to include accidental damage cover, in case you spill wine on the carpet or accidentally knock over an antique vase. You might also want to boost your policy to cover possessions such as tablets and mobile phones when you take them out of the home.

Most insurers offer new for old cover. So, if your sofa is damaged by fire, the policy will pay out for new one. However, some firms take into account wear and tear – known as indemnity cover.

If your sofa was five years old, the policy would therefore pay out only its current value. Policies arranged on an indemnity basis are usually cheaper but many people prefer new for old cover.

Policy conditions

The small print of your home insurance will give details of the policy terms and conditions. Most firms, for example, do not cover a property if it is left empty for more than 30 consecutive days. You might also have to fit approved locks on your doors and windows.

The cost of home insurance depends on a number of factors include the size and location of the property. You can often get a discount if you buy both your buildings and contents cover from the same insurer.

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