Important Insurance Types Homeowners Needed

Insurance is like a safety net, and there are many different kinds of insurance to help you out during various situations in life. If you have recently become a homeowner, you might wonder what type of insurance do you now need to protect yourself and your property? These are the most important. 

Buildings Insurance

Buildings insurance is a crucial type of coverage plan that you need to protect the physical structure of your property. In the event of damage, whether it’s by a fire or a storm, buildings insurance will cover the cost of many of the repairs. Keep in mind this one specifically covers the physical structure of the house, not the contents inside. 

What buildings insurance usually covers: 

• The property’s structure (such as walls and roof)
• Permanent fixtures
• Accommodation

Contents Insurance

Contents insurance is a type of insurance that protects your personal belongings. While buildings insurance will cover things like fixing a broken roof, contents insurance will cover the cost of movable items in certain events where they are damaged or stolen, such as after a flood or a burglary. 

What contents insurance usually covers: 

• Furniture
• Appliances
• Electronic devices
• Personal valuables (such as jewellery)

Life Insurance

Life insurance isn’t a plan that focuses specifically on your home, but it’s something any homeowner should get. This is especially true if you have dependents. When you die, you want to be sure that those who are left behind can cover the costs of running your home, whether that means keeping up with mortgage payments or utility bills. A life insurance plan involves paying monthly premiums to secure a lump sum payout to your dependents, which they can use however they wish – including keeping the house in the family. Of course, you need to find the best life insurance plan for you, so seek out some Reassured life insurance quotes from a variety of insurers to compare plans. 

What life insurance usually covers: 

The use of life insurance funds differs from family to family. Life insurance payouts can be used to pay for anything the beneficiary wishes, such as daily living expenses, the cost of a funeral, and childcare.  

Accidental Damage Cover

Accidental damage cover is a very specific type of insurance that many homeowners add onto their standard home insurance plans. It is for covering the cost of accidental damage. That might include spilling something on the carpet, breaking a window, or dropping a laptop. 

What accidental damage cover usually covers: 

• Sudden and one-off accidents
• Unintentional damage

Flood Insurance

Unfortunately, standard home insurance does not typically cover damage caused by floods. This is where flood insurance comes in handy. It’s a type of insurance that provides a lump sum payout, which you can use to repair any damage, and is particularly important for those who live in high-flood areas. 

What flood insurance usually covers: 

• Building repairs
• Surveying fees
• Personal items
• Accommodation costs

While many of these insurance plans are optional, it’s definitely worth considering getting them. As a homeowner, you have the responsibility of keeping your property safe, and you never know when the unexpected will happen. It’s best to be covered in case of the worst!