Home insurance isn’t just advisable, it is essential. Losing your home and all of your possessions is one of the most harrowing experiences possible, whilst insurance can’t replace all of your treasured items, it can at least soften the blow and ensure that you aren’t left destitute as a result of a single event.
Home insurance coverage can be as simple or as complex as you wish. Obviously the lower your premiums, the less cover you’re likely to receive; however, there’s often little point in paying over the odds to make sure that every little detail is covered. Whilst higher premiums mean more coverage, you have to have a compromise as you may soon find that you’re paying far more in than you could ever expect back.
Therefore, as with most insurance, it is vital that you are specific as you can be when looking into insuring your property. In the UK there are usually two levels of home insurance, building and content. Whilst the former of these protects the bricks and mortar of your home, the contents covers everything you’ve collected over the years.
So why do you need home insurance? Well, it’s really for peace of mind. Whilst we don’t want to consider the fact that our property could be flooded or burnt to the ground, there’s no harm in preparing for the worst. Whilst some may see it as a waste of time, particularly those who have never had to make a claim, the benefits are abundantly clear.
It has to be said though that insurance companies aren’t exactly renowned for their generous behaviour. They are a business, and just like any other business their sole purpose is to make money. This riles some people, particularly as premiums rise and coverage drops. But you have to look at the bigger picture, you have to consider the many hundreds of ‘what if’ scenarios that are possible.
What if your house suffers a major fire? Do you have enough money to simply buy another property and furnish it to the standard of your current home? Probably not. What if your region is unexpectedly flooded or is hit by a major storm, causing extensive damage throughout your property. Could you replace carpets, flooring and furniture damaged, could you pay for a surveyor to check if your home is structurally sound? What if your home is burgled whilst you’re away? Can you replace an LCD TV, jewellery or antiques?
The honest answer for most of us is no. So whilst the insurance premiums may be irksome, particularly during these financially turbulent times, you can’t bi-pass the essential things in life. Home insurance should be budgeted for and you shouldn’t simply go for the cheapest possible option, regardless of your financial standing. Basic coverage may have some benefits, but it just can’t compare with the more comprehensive options available to you.
Modern properties contain thousands of pounds worth of collective content. From televisions and hi-fis to furniture and kitchen equipment; if you try to cut corners, you could find that you aren’t covered for all of this equipment when it comes to making a claim. The building itself isn’t cheap either; the labour and materials required to build, or indeed rebuild a home are costly to say the least.
So when it comes to making a claim, not only do you want to make sure your covered, you want to make sure that you’re comprehensively covered. A comparatively small financial sacrifice today could well ensure that you miss out on major heartache one day in the future. So don’t gamble with your future, make sure your home is fully insured.