Types of Home Insurance

1. Buildings Insurance: This type of insurance covers the cost of repairing or rebuilding the structure of your home if it is damaged by events such as fire, flood, or storm damage. It typically includes cover for fixtures, fittings, and any outbuildings or garages on your property.
2. Contents Insurance: This type of insurance covers the cost of replacing or repairing your personal possessions if they are lost, damaged, or stolen. It typically covers items such as furniture, electronics, clothing, and jewellery.
3. Combined Buildings and Contents Insurance: This type of insurance policy combines both buildings and contents insurance into one policy. It provides cover for both the structure of your home and your personal possessions.
4. High-Net Worth Home Insurance: This type of insurance is designed for homes with high-value Buildings and contents, such as expensive artwork or antiques. It typically provides more comprehensive cover than standard home insurance policies.
5. Landlord Insurance: This type of insurance is for property owners who rent out their homes. It covers the building and any contents that belong to the landlord, as well as liability cover for any accidents or injuries that occur on the property.
6. Holiday Home Insurance: This type of insurance is designed for second homes or holiday homes. It covers the building and contents of the property, as well as any liability cover for accidents that occur on the property.

Why Use a Broker?

While online comparison sites can be convenient, there are several advantages to using a broker to arrange your home insurance:

1. Personal Service: A broker can provide you with a more personalised service, taking the time to understand your individual needs and finding the right policy for you.
2. Expert Advice: Brokers are insurance experts and can provide you with advice on the different types of policies available and which one is best suited to your needs.
3. Access to a Wide Range of Policies: Brokers have access to a wider range of insurance policies than online comparison sites, which may only offer a limited selection of policies.
4. Claims Support: If you need to make a claim on your insurance policy, a broker can provide you with support and guidance throughout the process.
5. Cost-Effective: Brokers can often negotiate better rates on insurance policies than you would be able to get through an online comparison site, which can save you money in the long run. One of the risks of purchasing home insurance through an online comparison site is the possibility of under-insuring your property. Under-insurance occurs when the value of your home or possessions is not adequately covered by your insurance policy. This can happen if you underestimate the value of your property or possessions, or if you fail to update your policy as your circumstances change.

Under-insurance can have serious financial consequences in the event of a claim. For example, if your home is damaged in a fire and the cost of repairs exceeds the limit of your insurance policy, you will be responsible for covering the additional costs out of pocket.

This can be a significant financial burden and may even result in you having to sell your home to cover the costs. Using a broker can help you avoid the risk of under-insurance. A broker can provide you with expert advice on the value of your property and possessions and can help you select a policy that adequately covers your needs. Additionally, a broker can provide ongoing support and guidance, ensuring that your policy remains up-to-date and adequately covers any changes in your circumstances.

So why not speak to one of our expert advisors today? Here at Watkin Davies Insurance Consultants Ltd, we can help arrange your home insurance and do all the hard work for you. Call us on 02920 621 056 and see how we can help you.