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*Based on data provided by Consumer Intelligence Ltd, www.consumerintelligence.com (October 2024). 51% of home insurance customers could save £217.21 on a combined policy.
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Author
Salman Haqqi
Editor
James Andrews
Fact checker
Dan Moore
Last updated
November 24th, 2024

What is home insurance?

Home insurance is made up of two separate policies: buildings insurance and contents insurance. You can buy each separately or get them together as a combined policy.

If your home’s damaged or your belongings are broken or stolen, these policies can offer the protection you may need to cover the costs.

Like other types of insurance, you buy cover that’ll protect your property and/or belongings up to set limits for a 12-month term.

Do I need home insurance?

Buildings insurance is invariably a requirement of mortgage lenders before they make an offer. But even cash buyers and people who have paid off their home loans should strongly consider it.

That’s because the cost of replacing all your worldly goods at once – or rebuilding your home – isn’t something most of us can afford. 

Having home insurance means that, should the worst happen, you'll have somewhere to stay while your home is repaired and financial assistance to replace your poessessions. Here are some of the key benefits offered by a good home insurance policy:

  • It covers the cost of repairing or rebuilding your home following damage

  • It’s often cheaper than paying for repairs yourself

  • You can protect the cost of damage to the contents of your home

  • You can even protect your belongings when they are outside your home

A handy trick is to go room-to-room, adding up the value of what's in each one. You might be surprised at the final total.”

Types of home insurance

Contents insurance

Contents insurance covers personal belongings in your home against theft or damage. This can include items like furniture, carpets, clothes, electronics and kitchen equipment. It doesn’t cover permanent structures or fittings, such as sinks, roofs, walls and windows.

Some content insurance policies also cover items you take out of your home, for example your phone, bike or laptop. However, this isn't always included as standard and maximum payment limits, as well as excesses, will apply, so always check individual policies. 

Here’s more information on what contents insurance covers

Buildings insurance

Building insurance (or buildings insurance) covers the cost of repairing or rebuilding your home if it’s damaged or destroyed. Having buildings insurance is generally a requirement of mortgage lenders: your landlord will arrange and pay for cover if you rent.

Most policies usually protect the structure of your home and external fixtures like pipes against damage from bad weather, fire or theft. It also covers internal fixtures and fittings, like those in bathrooms and kitchens, and outdoor structures like sheds and fences, as well as roof tiles.

Here’s some more information on what buildings insurance covers.

Types of home insurance

Contents insurance

Contents insurance covers personal belongings in your home against theft or damage. This can include items like furniture, carpets, clothes, electronics and kitchen equipment. It doesn’t cover permanent structures or fittings, such as sinks, roofs, walls and windows.

Some content insurance policies also cover items you take out of your home, for example your phone, bike or laptop. However, this isn't always included as standard and maximum payment limits, as well as excesses, will apply, so always check individual policies. 

Here’s more information on what contents insurance covers

Buildings insurance

Building insurance (or buildings insurance) covers the cost of repairing or rebuilding your home if it’s damaged or destroyed. Having buildings insurance is generally a requirement of mortgage lenders: your landlord will arrange and pay for cover if you rent.

Most policies usually protect the structure of your home and external fixtures like pipes against damage from bad weather, fire or theft. It also covers internal fixtures and fittings, like those in bathrooms and kitchens, and outdoor structures like sheds and fences, as well as roof tiles.

Here’s some more information on what buildings insurance covers.

What does home insurance cover?

Covered

Fire damage
Flooding and storm damage
Burst and frozen pipes
Fallen trees, branches, aerials and satellites
Subsidence
Theft

Not covered

General wear and tear
Property maintenance
Damage caused by negligence
Pest damage
Damage caused by poor tradesman work or DIY
Loss or damage if your property’s been left empty for more than 30 or 60 days

How much does home insurance cost?

Prices will vary considerably from house to house and region to region – as well as by what you choose to include in your coverage.

The cost of your home insurance largely depends on how likely an insurer thinks you are to make a claim. 

However, many factors can influence the price you’ll pay:

  • Property size – the larger your home, the more it’ll cost to insure

  • Location – crime rates and flood risk will impact the price

  • Age – the older the property, the more expensive certain materials will be to replace

  • Security – having good home security helps insurers view your property as less of a risk

  • Building materials – uncommon building materials cost more to replace

  • Optional extras – adding benefits like accidental damage will cost more but can be worthwhile if you value them

  • Claims history – if you’ve made a claim in the past three to seven years, you’ll probably pay more 

Ways to make your home insurance cheaper

You can choose from a wide variety of home insurance policies, with an array of options to fit your personal needs. To find the best home cover, think about the following:

Locks

Some insurers ask you to have specific locks on your windows and doors to even take out a policy with them. If your home has high-quality locks, insurers will see you as less of a risk and so generally offer lower premiums.

Alarms

A working house alarm can reduce how much you pay for home insurance. Make sure the model is approved by the insurer. Also, remember to use it at all times if you’re out of the house, or any subsequent claim could be invalid.

Contents

Simply picking a big number could mean you pay for cover you don’t need. Add up the value of your belongings instead and look at the single item limit too. Don’t pick a small number either, as this could see a proportion of any subsequent claim go unpaid.

Excess

Your excess is the amount you have to pay yourself when you make a claim. Insurers usually offer a cheaper premium if you’re happy to pay a higher voluntary excess. But make sure you could afford the excess you specify, just in case you need to make a claim.

Home rebuild cost

This is how much it would cost to rebuild your house from scratch. It’s not the same as your home’s market value. The rebuild cost is usually listed on your mortgage valuation. You can also work this out by asking a chartered surveyor to assess your property or using the free ABI rebuild calculator.

No claims bonus

You earn a no claims bonus for each year you have a policy and don’t make a claim. The longer you have with no claims, the lower your premiums will be – which means it can work out cheaper to pay for small amounts of damage yourself.

What optional extras can I get with home insurance?

It’s always worth checking exactly what your home insurance policy includes as standard – and what can be added as an optional extra.

You might find, for example, cheap home contents insurance policies come with fewer features, or more expensive policies include benefits you don’t need. 

Extras can increase your premiums sharply, even with the best home insurance companies. UK providers offer a whole host of different policies, so check what’s included with each when you compare home insurance. 

With some policies, if you’ve built up a good no claims discount over several years, you might want to pay a bit extra to protect it. Then, if you did need to claim, your no-claims discount would be protected.

With some policies, if you’ve built up a good no claims discount over several years, you might want to pay a bit extra to shield it. Then, if you did need to claim, your no-claims discount would be protected.”

Here are some of the most frequently added home insurance optional extras:

  • Accidental damage: This is for damage caused unintentionally, such as a broken window, spilt wine on a carpet.

  • Home emergency: This covers household problems like a broken boiler or burst pipe. You’ll usually get access to a 24-hour emergency helpline

  • Legal expenses: This covers legal issues. It could include costs for property disputes and faulty goods or services.

  • Alternative accommodation: This ensures you have somewhere else to live if your home is damaged and needs repair work before you can return.

  • Personal possessions: This covers you for items you take out of your home, like gadgets, phones or jewellery, so it can sometimes be handy.

FAQs

Do I need to have a home insurance policy?

It’s not a legal requirement, but if you have a mortgage your lender will invariably insist you have buildings cover to protect their investment. Not having it could prove extremely expensive if you need to make a claim.

Can I take out a joint home insurance policy?

Yes, you can take out a policy together if you live with another person. This means either of you can claim and it can sometimes be cheaper.

Do I need home insurance if I rent?

It's your landlords responsibility to protect the building but you may want to consider insuring your contents.

Can I insure my second home?

You may want to consider insuring your second home, but you may need a specialist second home insurance policy, especially if it is unoccupied for longer than 30 or 60 days at a time. Here is how to find cover for your second home.

How can I cut the cost of my home insurance?

The simplest way to cut the cost of your home insurance is to compare policies when it comes time to renew. To lower quotes further, and if you can afford it, try increasing your policy excess. After that, consider which extras you need. We have a full guide to getting cheaper home insurance here.

Is it worth having home insurance?

Yes, it is worth having home insurance. The cost of replacing expensive possessions or making substantial repairs to your home could far outweigh the cost of cover.

Are older properties more expensive to insure?

Older properties tend to be more expensive to insure due to the more costly materials used that can be difficult to replace. These properties are also considered a higher risk as old plumbing, wiring and roofing, as well as subsidence, can all increase the likelihood of you making a claim.

Explore our home insurance guides

Find out more about how home insurance works and whether it's right for you.
What home insurance do you need?
What home insurance do you need?
How to manage your home insurance policy
How to manage your home insurance policy
How to claim on your home insurance policy
How to claim on your home insurance policy
Find more guides here

About the author

Author imageSalman Haqqi
Salman Haqqi
Salman Haqqi spent over a decade as a journalist reporting in several countries around the world. Now as a personal finance expert, he helps people make informed financial decisions.

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