Buildings & contents insurance...

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Buildings insurance is compulsory when you take out a mortgage, and contents insurance is commonly included in the same policy: however, if your property is leasehold then the freeholder would normally insure the property, so you should not need to arrange your own buildings cover. The cost of the insurance, however, would effectively be passed on to you as 'ground rent' and/or 'service charge'.

Some lenders occasionally insist that you take insurance through them, or through an insurer specified by them, but usually you have the opportunity, as with most insurance, to shop around for the best deal.

Typically, buildings insurance will cover your home against damage caused by fire, storm, flood and subsidence, and may also cover less common damage such as vandalism or damage resulting from a vehicle collision.

Contents insurance will normally cover the contents of your property against fire, theft, storm and flood and many insurers will also settle claims on a replacement as new basis.

As with most insurance policies, the specific terms, as well as the cost, will play an important role in determining which policy you eventually opt for. The exclusions, for example, are likely to be of special significance.