It is quite easy to think that bad things happen to other people only and not ourselves, but the facts suggest that it is not a risk we can all afford to take. In the UK today, one in three of us will get burgled at some point in our lives but about a quarter of households are not protected by any form of home insurance.

With other unfortunate occurrences such as flood damage, fire and more, threatening our homes and its contents inside, by not having insurance we are leaving ourselves open to serious financial losses. Home insurance now can offer something for everyone with home insurance for homeowners, tenants and landlords.

Also increasingly, mortgage lenders will insist that you have buildings insurance in order to obtain a mortgage. Buildings insurance is supposed to cover the funds to rebuild your house should it ever get severely damaged. However some building insurance policies only cover the market value of the property, so be sure to check. The policy could also cover you against damage caused by events beyond your control including: storm and flood damage, burst water pipes, fire, subsidence and vandalism. Apart from the structure of the house, buildings insurance also covers permanent fixtures and fittings including baths, toilets and fitted kitchens, bedroom cupboards and interior decorations. The test is whether or not the fixture can be removed and taken to a new home, for example fitted cabinets. Policies will also usually cover outbuildings such as garages, greenhouses and garden sheds but it might not cover boundary walls such as, fences, gates, paths, and drives For landlords, building insurance is crucial, as it is for all homeowners. However for tenants, building insurance is usually covered by the landlord and so in that case only contents insurance needs to be considered.

Insurers will also need a lot of information including the construction date and materials used for the building, as they need to know what type of materials were used as some insurers might not insure unusual properties such as prefabricated buildings and thatched cottages. Insurers also need to know about the local lie of the land to assess the flood-risk.

So when searching home insurance cover, you might want to consider the valuables within your home. Home contents insurance is optional but with the threat of burglaries and fire, searching for cheap contents insurance that covers your needs does make good sense. Contents insurance gives protection to anything that is not a fixed part of your home, for example your appliances, electronic goods, furniture and clothing. Most home contents insurance policies will even cover the contents of your fridge and freezer. Policies like this are advisable for homeowners and tenants while landlord contents insurance can be limited if the property is let unfurnished or part furnished. The cheapest contents insurance available on the market is indemnity insurance, which will replace items such, a five-year-old carpet with one of the same age. A more expensive option is the ‘new for old’ policy that replaces the old carpet with a brand new one. Also some home contents insurance policies would also cover you for legal liability so if someone were injured in your home due to your negligence or lack of upkeep of the property. You would be covered if you were to face legal action.

When searching for the cost of your home insurance cover, the price you receive is dependent on your circumstances and the amount of cover you need. However, there are ways to reduce the cost of your policy without leaving yourself short of cover, these include; installing security measures to reduce theft risk, such as fitting a burglar alarm or joining a neighbourhood watch group. This alone could reduce your cover by 7%. Also by reducing fire risk but making sure you fit your home with a smoke alarm could help to increase savings. Also the fewer the claims you make the lower your premiums will become.

However the best way to reduce the cost of your insurance is to shop around, this may seem tedious but with the help of online resources you can use a price comparison tool to make things easier. However, you should take into account that you should not just simply accept the cheapest quote you find but to consider the reputation of the insurance provider. Some times a reputable may seem a bit more expensive but some times for peace of mind it is better to use an insurer that is highly recommended.