Getting most buildings and contents insurance

Getting the Most out of Buildings and Contents Insurance

Having spent a significant amount of money to secure your property in the first instance, off course you are going to want to ensure that it is well protected.  Whilst being in possession of home and contents insurance isn’t compulsory, it is often a requirement of having a mortgage and is a highly recommended piece of protection.  Your home is also an investment, and to be in a position where that investment – into which you have ploughed a lot of money – fails, due to some unforeseen problem, makes no financial sense.

It could be a simple as a cracked pipe in winter and the subsequent water damage, which is not too pressing, or as serious as a major land slip and the potential for major debilitation of your property’s foundations, which is obviously a more serious issue.  Whatever problems could potentially befall your house, you need to ensure that you have the ability to either have the damage repaired or pay off any loan on the property should it be beyond repair.

But if you simply buy the first buildings and contents insurance plan that you come across, you may not be getting the most cost effective deal nor the one that is right for your needs.  Because some plans include the contents as well as the actual building, you need to ensure that your policy covers everything that you wish to have insured.

Building Insurance

For your buildings insurance – the element that offers protection to the physical body of your building – you need to ensure that it adequately covers any possible eventuality that may befall your bricks and mortar.  This means that fundamentally, your floor, roof, windows and walls are covered by specific insurance that protects either against a failure of any of the components or damage by some external force, including flood, earthquake, fire, explosion, or some other event.  It does not cover the value of the home, but looks at how much it would cost to literally rebuild the property from scratch, including labour and materials.

Contents Insurance

Contents insurance is completely optional – unlike buildings cover it is not compulsory in any way. However, there is no denying that in case of an emergency like a burglary or flood, contents insurance is extremely useful. Without it, replacing your possessions could be costly and very inconvenient at best.

Put simply, contents insurance covers everything in your home that is not permanently to the property and protects against theft, loss or damage, primarily from many of those events/incidents mentioned in building insurance, but also including theft, and loss outside the home too (only if you opt to include personal belongings away from the home).  Insurance will always seek to repair or replace items that have been damaged, lost, or stolen.


Ensuring that you have the right level of both contents and building insurance is imperative since if something goes wrong and you don’t have it, you may find that you cannot replace cherished items or, even worse, cannot have your home rebuilt in extreme circumstances.

The point of making a claim is not the time to find out that you don’t have the right level of insurance or that you are not covered for a particular aspect, so it’s worth having a professional review your current arrangements.

At Grange Mortgages, our insurance and protection advisors can provide you advice on what cover you may need and the best products to meet your requirements.