How much does house insurance cost? Is it worth it?
Whether you live in a four-bedroom detached house, a council property or a flat, home insurance is a product that everyone needs. It can be very confusing to many people because it’s available in a number of different forms, so let’s explore: what it is exactly; why we need it; how much it costs; and if it’s even worth it.
What is Home Insurance?
Home insurance is a financial product to insure you that if anything happens to your home, such as in the event of fire, damage or theft, (some policies even cover the cost of a locksmith or some plumbing repairs) a monetary pay-out will be available to you to cover any loss. The types of home insurance such as house insurance from Swiftcover are available in a number of different levels of cover, and the kind of policy that you decide on will largely depend on your specific needs.
The most common form of home insurance is likely to be buildings insurance which is a product to cover any physical structural damage to a building. Possibly one of the most common forms of home insurance, it’s one of the assurances that mortgages lenders require before they lend anything. Contents insurance on the other hand covers fixtures and fittings that are inside the property, while comprehensive home insurance covers both.
How Much Does Home Insurance Cost?
The cost of home insurance varies depending on where you purchased it from and the type of cover you choose. On average it is around £15.00 per month, but you can find cover for as little as £5.00 if you look online. Most insurers offer a whole range of financial products in order to suit all kinds of budgets. Home insurance premiums are usually quoted as monthly figures, while some insurers will even offer a fixed rate for a specified period of time, usually up to two years.
If you purchase any additional features they’ll be added to the policy, such as home emergency cover, which is likely to increase your premium; however, if you invest in safety devices to be fitted in your home (such as smoke alarms and other alarm systems), it could help to lower your premium. This is because homes that are well secured whether they are fitted with alarm systems or other security features are often considered as “low risk” properties eligible for a lower premium.
The contents of your home will also affect the price of your premium. This is because cover is usually only guaranteed up to a certain amount and so the price of the premium will depend highly on the value of your contents.
In some cases, many policy holders might already have a specific home emergency policy without even realising it, so it’s always important to read your policy thoroughly to know exactly what you’re covered for and what you can claim on.
It’s always advisable to safeguard your home so that if anything ever happens, you can rest knowing that you’re properly insured and are able to make a claim for any losses.