Buildings and contents insurance

[Mollylegs]

Hi, I was just wondering if anyone could help me out with something. I am just in the process of sorting out my buildings and contents insurance, I haven't done it before as its always sorted by my husband. If my home is worth say £300,000 but I'm only getting a mortgage of £46,000 do I still need to pay in accordance with the top figure. Sorry if that makes no sense and do people tend to take out buildings and their contents with the same company? Any recommendations would be a plus tia..

Hi - take a read through this helpful article https://www.ourproperty.co.uk/guides/building_and_contents_insurance_explained/#:~:text=What%20is%20buildings%20and%20contents,or%20its%20contents%2C%20including%20loss.

The buildings cover element is intended to cover the full costs of a rebuild in the event of catastrophe. The contents cover is for anything that would fall out if you could tip your house upside down to empty out your belongings - but think carpets/curtains etc too.

Many insurers will suggest a level of cover for buildings, and you should be ok going with their estimate. Some are standard levels of cover. I don't think that these levels make much difference to your premium tbh.

Your mortgage amount doesn't really come into the equation, and is irrelevant really when looking at B+C insurance. Mortgage protection insurance is a different thing (to cover in the event that you can't pay due to illness etc), and life assurance to cover the mortgage debt in the event that you die before the end of your mortgage loan term).

Don't skimp too much on the contents cover though, you really need to think about how much it would cost to replace the fundamentals and anything else of importance/comfort.

HTH :)

Thank you @AlwaysaLittleBitTired