What does home insurance cover?

  • Damages from fire, extreme weather damage, smoke damage and more.
  • Cover from burglary in the home, damages from break in and cover for any losses.
  • Home insurance can also cover you for items inside the home such as electronics, jewellery and others.
  • Cover form structural damage such as the ceilings, fixtures and fittings like baths and sinks.

 

The price of home insurance

Go Compare reports increasing prices in home insurance.

  • For buildings only policies the price has increased by 4.4% from £160 to £167.
  • - For contents only polices have been decreasing by 4% from £67 to £63.

You can often find cheaper policies when buying a combined policy.

 

What affects home insurance costs

  • Age

Older property owners are seen as less of a risk because they tend to make less claims, are more security conscious, are at home more often making themselves less of a target for burglars as well as statistically being more financially secure.

 

  • The cost of your home

The cost of your property will impact your home insurance due to higher costs of repairing and covering for damages.

The average price for home insurance on a house is, £214 and for a flat £192. Insurers will take into account the cost of the rebuild.

 

  • Size of the property

Just like the cost of your home, the size of it also impacts how much it costs to rebuild meaning home insurance will be more expensive.

 

  • Paying monthly or annual instalments

Paying monthly will usually make it more expensive than paying one large annual sum because interest will be added on each month.

 

  • Location

Where your property is located can make a large difference in price as factors such as, crime rates, flood risk, or a more expensive area.