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Click - Home insurance is one of those conditions that it is very important to know about because you have certain legal requirements you need to meet - and although not all forms of insurance really are a legal obligation, it can make good sense to have them anyway. This short article takes a look at what renters and homeowners need to find out when it comes to the types of property insurance that they need.

Insurance for homeowners

In the event you own your own home then there are two types of home insurance that you'll want: buildings and contents insurance. The most crucial part of this is the buildings insurance because it is a legal requirement to get this if you own your own house. Typically, when you are getting an insurance quote you will need to enter the rebuild value of your house. This is different to the resale value of your house, so it can be worth double-checking to make sure you currently have the right amount. This will then be employed to calculate your insurance quote.

Additionally it is important for homeowners to get contents insurance as this is what covers everything within your house, whereas buildings cover typically covers just the structure of your house and then for any outbuildings that you might have as well. This means it is important to be aware of value of all of your possessions because this amount will be used when calculating your contents insurance quote.

Summary - Additionally it is worth checking whether you could be able to save money by taking out joint buildings and contents cover, as sometimes insurance providers offer deals which will help you get good value for money. It is also good practice to check exactly what is covered by your policy also to take out additional insurance for almost any particularly valuable items (such as jewellery) to make sure you have adequate cover.

Insurance for renters

If you rent your home then the rules of property insurance will be slightly different for you personally. This is because it is your landlord's responsibility as the owner of the property to get buildings insurance. Whenever you move into a new rented property, it can be a good idea to ask them what buildings cover they have so you can be certain you will probably be protected in the event of a fireplace or other emergency.

Save Now - However, renters will still have to take out contents cover for their property as it is generally not the landlord's responsibility to offer this. Also, some rented properties come with some of the landlord's property in them; this is doubly important to insure properly, otherwise you could find yourself having to pay for items that aren't yours in case of them being stolen or damaged. Even if your landlord has separate insurance for own possessions, will still be worth taking out comprehensive contents insurance all on your own so you can have satisfaction that everything is taken care of.

Conclusion

Overall, home insurance for renters and homeowners isn't too complicated but it might require a bit of research to ensure you get the most appropriate insurance for your needs, and that you are protected by the right level of cover.