WOW COMPARE – Quotes for home and contents insurance
Buildings and contents insurance should provide essential cover for home owners. If you have a mortgage most mortgage providers require you to take out compulsory buildings insurance as a condition of mortgage lending.
At WOWCOMPARE we are working with insurance partners to launch a home and contents insurance comparison service. In the meantime you can compare quotes from many of the UK’s leading home insurance providers including: AXA, Hastings Direct, M&S, Policy Expert, Swinton and others at the Quote Zone.
Savvy home owners can make big savings by comparing home, buildings & contents insurance annually. Finding cheaper home insurance takes just a few minutes using an online comparison service. If you decide to switch home insurance providers always make sure you are aware of the terms & conditions of individual home insurance policies, and things like insurance excess and cover exclusions.
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Home Insurance FAQs
Home insurance is insurance cover for your home, there are two classifications:
'Buildings cover' for the structure/bricks & mortar, plus fitted items like sanitary ware, kitchen units etc.
'Contents cover' for the individual items in your home (removable items like furniture, soft furnishings, jewellery and valuables). Contents insurance is often limited to damage caused by events like a fire, flooding or theft. Contents cover does not always include accidental damage to items, however most policies allow you to add accidental damage protection to a contents insurance policy.
Generally most people opt for dual cover 'buildings & contents cover'. However some people still choose to take out a separate policy for their home 'buildings' insurance and another for their home 'contents' insurance.
If you live in rented accommodation, or you do not own your home then in most circumstances you will not require 'buildings' insurance cover. Your landlord, or the property owner will be responsible for insuring the building & structure.
However it is likely you will still want to take out 'contents' insurance to cover personal items kept in the property. You may also want to take out additional cover for accidental damage to internal fixtures and fittings if it is not included in your standard contents insurance policy.
The cost of buildings and contents insurance cover varies in a number of ways. Things that can influence the premium or annual cost of home insurance can include:
- The market value of the property and rebuild cost - Looking at a worst case scenario the estimated cost of clearing and rebuilding e.g. If your home was damaged beyond repair and needed to be demolished and rebuilt.
- Postcode & location of your property - Is the property located in a low crime area? Is there historic or actual risk of flooding? Has your property or any neighbouring property suffered from subsidence?
- Property condition and age - Is your property in a good state of repair?
- Property security discounts - Does your property have insurance approved door and window locks? Does your home have a burglar alarm system fitted?
- No claims bonus - Do you qualify for 'no claims' discount?
How many years no claims (number of years in total you haven't made any claims on a previous or existing policies).
- Your lifestyle & occupation - Whether you away from home often? If your home is unoccupied for long periods it might be considered a higher risk by insurers.
- Agreed excess - If you pay a higher excess it might bring the premium down but you will have to pay the higher excess ammount each time you need to make a claim.
- Paying annually rather than monthly - Sometimes you will get a discount if you pay annually upfront for your home insurance, instead of spreading the payments out and paying monthly.
Yes - As a let property owner or 'landlord', it is your responsibility to ensure your property has buildings insurance cover.
Generally a buy-to-let property should be insured via a landlords insurance policy. Landlords insurance provides 'buildings cover' with additional levels of cover suitable for properties that are rented out to tenants. Landlords insurance also includes options to add cover for:
- Rent guarantee insurance
- Legal cover
- Vacant property cover, periods with no tenants
- Accidental damage by tenants
- Compensation claims due to tenant injury
- Property owner liability cover
YES - You should always make sure your insurance provider is aware of any building work or renovations you are doing to your property.
Your contract with your insurer is based on mutual disclosure of information – your premium is calculated on 'risk' based on the answers provided when your home insurance quote was generated.
'Risk' is likely to increase as a result of building work, if you are doing building work you should inform your insurance provider so your premium can be updated. If necessary you will need to pay any surcharges applied for enhanced cover during the building work.
Always notify your home insurance provider before commencing any building work, make sure you have sufficient insurance cover.
Check with your insurer - Most of the time the insured value of contents is flexible and can be raised to account for high value items like jewellery, valuable antiques etc.
Often high valuable items will need to be individually listed and your insurance provider may require you to keep these items in secure places (e.g. storing jewellery in a safe or lockable storage box).
In some circumstances your insurer may advise that additional insurance cover or even separate policies are required for certain valuable items.
Accidental damage cover: Most home insurance policies will not pay out on a standard policy for accidental damage but policies will offer accidental damage cover as an additional extra.
Home emergency cover : Most home and contents insurance policies don’t automatically provide home emergency cover, to insure for things like your boiler breaking down or blocked drains.
Personal belongings cover: Many policies will not cover items removed from your home e.g. Items like jewellery, iPads, laptops, wallets, purses, bicycles or other items you take with you outside your home.
Legal cover: Many policies do not automatically include legal expenses cover, to pay solicitor’s fees if you are involved in a dispute with someone e.g. If someone gets injured on your property or if you are become involved in a dispute with neigbours.
Home insurance comparison provided by the Quote Zone a trading style of Seopa Ltd authorised and regulated by the Financial Conduct Authority (FCA) registration number 313860. All quotes generated are from UK authorised and regulated Home & Contents Insurance providers.
New home insurance rules to protect loyal consumers
The FCA brought in new regulations on the sale of home and car insurance in January 2022. Insurance providers will now have to match pricing for policy renewals, with pricing offered to new customers. Home owners who are loyal and renew a policy with an existing provider should no longer face having to pay more than new insurance customers.
The FCA believes the move could save loyal customers £4.2bn over 10 years by stopping the practice of annual rises over and above inflation for the same insurance cover. The FCA wants insurers to offer ‘fair value’ to all customers and prevent the practice of insurers creeping up the cost of insurance policies for loyal customers who renew insurance year after year.
If you are a savvy shopper and you compare quotes for home and contents insurance an annual basis you might find that premiums offered are a little higher, however this new regulation should ensure that loyal customers are not penalised when not choosing to switch each year. Insurance providers are likely to continue to try and entice customer switching by adding enticing time-limited offers to new customers e.g. Free legal cover for the first year, or lower excess for the first year.