When you move to a new home, you’ll need the right home insurance in place – not just from when you get the keys and first step through the door, but from when you take ownership of the property.Moneysupermarket.com
There are two main types - buildings insurance and contents insurance. These can either be bought individually or together as a combined home insurance product.
Buildings insurance covers you in the event of damage to the structure of your home, such as the walls, roof and floors. It usually covers damage to fixtures and fittings too. It’s not compulsory, but it’s usually a condition of your mortgage to have it. If you own your own home, with or without a mortgage, this insurance should be a top priority. It is recommended that you have valid buildings insurance for the day you exchange contracts, prior to obtaining the keys and moving in. Once you have exchanged contracts, your new home will therefore be covered as soon as you are legally responsible for it.
Contents insurance covers you for loss or damage to personal possessions in the event of fire, theft, flooding and similar incidents. It covers all your personal belongings – anything not physically attached to the building – against the cost of loss or damage. Unlike buildings insurance, this is optional.
