MOST home insurance policies cover both buildings and contents against damage occurring to the house or any of its contents. It is usually compulsory for mortgaged houses to take out this type of insurance. Whilst it is possible to contract buildings and contents cover separately, most providers offer them both in a single policy.
What is buildings insurance?
Buildings insurance covers damage to your house, its foundations, walls, partitions, roofs or ceilings and other parts of the construction that make up your home. It covers the complete rebuilding of these structures in the event of damage beyond your control from storm, flood, fire, smoke, and subsidence or from a third party. Moneylenders or mortgage suppliers insist you take out buildings insurance to secure the loan they have granted you.
What is contents insurance?
Contents insurance covers damage or replacement to all the items in your home which are not fixed such as electrical appliances, furniture and clothing. Basically all those items that you would take with you if you moved house. It even covers the contents of your fridge. It covers fire, explosion, electrical damage, water or flood damage, robbery, theft and pillage.
Do I need both types of insurance?
Moneylenders and mortgage providers make it compulsory to take out buildings insurance to cover their loan. Línea Directa strongly advises you to take out a comprehensive home insurance policy that covers both the structural property of your house and all its contents against any unforeseen circumstances. Failure to take out adequate cover could be very costly.
We hope the information provided in this article is of interest.
If you would like to contact Línea Directa please call 902 123 309
More information on Línea Directa online at www.lineadirecta.com