Owning your own home is so exciting. Whether you’ve done it on your own or with your family, it’s a big achievement. And once it’s yours, you’ll want to make sure you take good care of it.
But even if we do everything to look after it, unexpected things can happen. That’s where home insurance comes in handy.
If you’re asking yourself, ‘do I really need insurance?’, then you’re in the right place! Here’s all you need to know about it and what it covers you for.
When do I need home insurance?
Unlike car insurance, you don’t have to have home insurance if you own a home. So, you won’t get into any legal trouble if you don’t have it.
But it’s definitely worth getting once you’ve bought your new home.
If you know your completion date, you can buy or set your home insurance to start then.
If the house is going to be unoccupied for a while after you buy it (maybe for renovations), then you’ll need to find specialist unoccupied home insurance. This will cover your property while no one’s living in it.
We don’t offer this at the moment, but there are some insurers that do.
What is home insurance useful for?
Home insurance helps with the cost of repairs or replacements when something goes wrong.
This can range from smaller things like having your carpet professionally cleaned after a spill, to much bigger issues, like rebuilding your home if it’s destroyed in a fire.
Home insurance is often used to help with damage from:
- storms
- floods
- fires
- water leaks
- burglaries
What happens if I don’t have home insurance?
Without home insurance, it means you’ll have to pay when something unexpected happens.
It can be very expensive if you need a lot of work to fix something.
Do I need home insurance with a mortgage?
A lot of mortgage providers ask you to show proof of home insurance when you’re buying a new home.
This is because having home insurance shows your mortgage provider that you’ve got support if something goes wrong in your home.
Do I need home insurance if I buy my property in full?
If you don’t have a mortgage on your home, it’s still useful to have home insurance. It’s a safety net if something goes wrong in your home and covers the costs for it.
What kind of home insurance do I need?
The type of cover you may need depends on your legal ownership or financial ties to the property. This is known as 'insurable interest'.
For example, you can’t purchase buildings insurance if you do not own the building (e.g. you’re buying a flat in a building owned by someone else). But you can buy contents cover if you only own the contents inside of the property. This is common for renters.
Let’s compare types of home insurance to see what fits you best.
Buildings insurance
Buildings insurance is there to cover the home itself. This includes things like:
- windows
- doors
- roofing
- pipes
It also covers the rebuilding of your home if it’s completely destroyed by something, like a fire.
You need to legally own the home to take out buildings insurance for it.
Contents insurance
Contents insurance covers your belongings inside (and sometimes outside of) the home. This includes things like:
- TVs and speakers
- phones and computers
- jewellery
- watches
- furniture
If you’re renting, contents insurance can help cover your belongings if they’re lost, damaged or stolen.
Combined insurance
This is buildings and contents insurance together. It covers your home and what’s inside it, giving you a safety net across the board.
Landlord insurance
If you own properties that you rent to tenants, landlord insurance is the one for you.
This helps cover things like:
- building repairs
- alternative accommodation
- malicious damage
- your contents
Your tenants need their own contents insurance to cover the belongings they have in your property.
Optional extras
Home insurers usually offer extra cover to help when things go wrong. At Admiral, you can choose to add to your policy:
- Accidental damage cover – for unexpected incidents that cause damage in your home
- Home emergency cover – for urgent repairs when an emergency happens
- Personal possessions cover – for the loss, damage or theft of your belongings while outside the home
- Landlord emergency cover – for emergencies that happen in your rented properties
Do I need home insurance if I’m renting?
Your landlord should take care of buildings insurance if you’re renting because the property is owned by them. This means they should cover the home itself, like the windows, doors, boiler, for example.
But it’s worth having contents insurance if you’re renting to protect your belongings. It can cover things like your electronics and any of your own furniture.
Is all home insurance the same?
No – it depends on your policy and who you’re insured with.
When you’re getting home insurance, it’s important to look at:
- how much you can claim for
- your excess
- how much the cover costs
- which benefits are standard or optional extras
It’s also important to check your policy to see your cover, plus your limits and exclusions.
If you're insured with us, you can find these in MyAccount.
What doesn’t home insurance cover?
It depends on the level of cover you get, but some things our home insurance doesn’t cover include:
- wear and tear (gradual damage over time)
- permanently unoccupied properties
- pets chewing on things, throwing up or going to the toilet in the home
- problems caused by lack of maintenance and upkeep
- problems covered by optional add-ons that you haven’t added to your policy
