Your Guide To Buildings & Contents Insurance

Purchasing a home is probably one of the largest financial investments you make in your lifetime. It is therefore important that you protect your most important investment by timely insuring it.

There are 5 types of home insurance:

1. Home contents insurance
2. Building insurance
3. Building and contents insurance
4. Holiday home insurance
5. Unoccupied home insurance

Your belongings have monetary value, so it makes sense to insure your home and contents for the correct value and protect these items in the event of loss or damage.

What is buildings & contents insurance?

Buildings and contents insurance is a combined package policy that provides coverage for the physical structure of the property (building) and your personal possessions within it (contents).

It is designed to protect homeowners and renters from financial loss in the event of various risks, such as:

• Fire
• Theft
• Vandalism
• Natural disasters
• Other perils which damage the building and its contents

Difference between types of home insurance policies

Why get buildings & contents insurance?

There are several reasons to get building and contents insurance. This type of policy plan:

• Provides financial protection in the event of damage, destruction, or loss.
• Protects against perils like fire, theft, or natural disasters.
• Protect your investment.
• Covers personal possessions inside the property.
• Helps you get a mortgage.
• Protects you financially if someone sues you after being injured on your property.

What does buildings & contents insurance cover?

Buildings and contents insurance provides coverage for:

• The cost of repairing or rebuilding the physical structure of your property and the monetary value of your belongings.
• A range of risks such as loss or damage by theft or attempted theft, fire, flood, water leakage or subsidence.
• Your home and its contents if the damage or loss is caused accidentally or maliciously.

As you learn about buildings and contents coverage, it's important to have a basic understanding of what home insurance covers in general to make the right policy decisions.

How much does building & contents insurance cost?

The cost of buildings and contents insurance depends on:

• The rebuild value of your property including labour charges and cost of materials.
• The total value of your possessions.
• The location of your property since it is riskier to insure properties in areas with higher crime rates or areas prone to natural disasters.
• The security measures in place (such as burglar alarms, smoke detectors, and secure locks) may qualify your property for discounts on insurance premiums.
• The extent of coverage and the policy limits you choose.
• The deductible amount you agree on.
• Your claims history since if you have a history of making claims, especially for high-value items, it may result in higher premiums.

Information required to get buildings & contents insurance

When obtaining buildings and contents insurance, you will need to provide details about your:

• Property and its contents
• The estimated value of your possessions
• The rebuild cost of the property

Insurance premiums are determined based on factors such as:

• The location of the property
• Its age
• The level of security measures in place
• Previous claims history

In addition to this, its worth checking out some factors that affect your home insurance premiums and valuable tips to get cheaper home insurance in Ireland.

Planning on buying buildings & contents insurance?

Having buildings and contents insurance gives you peace of mind knowing that you are financially protected against unexpected events. It's essential to carefully review the terms and conditions of the policy, including coverage limits, exclusions, deductibles, and any additional optional coverage that may be available.

With Paddy Compare, you can compare various price quotes for building and contents insurance by trustworthy, local brokers to get the most suitable policy for your needs.