“A house is made of bricks and beams. A home is made of hopes and dreams”, a quote that says it all! Yes, your home is your haven, your safe place, and the place where you create memories with your family. And protecting your home from accidents, fires, and natural disasters is of utmost importance. However much you try to keep your household safe, there is always the risk of an unfortunate incident taking place. In the unlikely event of being faced with such a misfortune, you must be assured that you are adequately protected. In this article, we will look at 5 reasons why you should get yourself household insurance in the UK.

Reason 1 - Protection against unexpected events

Accidents and disasters have a nasty way of showing up when you least expect them. And in the UK this is no exception. From floods, storms, fires, to accidents around the house, unexpected incidents are never far away. This is why the importance of having household insurance cannot be underestimated.

While insurance isn’t able to prevent an accident or disaster from taking place, it can make your life a little bit easier when you need financial assistance to recover from such an unfortunate circumstance. Natural causes, human error or negligence are all factors that could lead to significant losses for families across the UK if their homes were to be damaged as a result.

Having household insurance can provide financial protection and relief when you really need it. This is why the household insurance market has been experiencing strong and steady market growth especially in recent times.

Reason 2 - Financial security when you most need it

Household insurance is usually categorized into two areas, building insurance and content insurance. While the building insurance takes into account any damage to the structure of the building, contents insurance cover is applicable for any items found within the building.

In the unfortunate event of a covered loss for contents, homeowners will receive financial compensation to restore or replace damaged or lost belongings. This alleviates the concern of bearing the financial strain of replacing valuable items like electronics, appliances, and furniture. Having household insurance brings peace of mind knowing that financial security will take care of the losses that you’ve had to incur. Speak to a broker at BVS to know how your household insurance can be applicable for the contents in your home.

Reason 3 - Yes, household insurance in the UK is affordable

Insurance can often be more affordable than many people think. Choose from a wide range of policy options available to accommodate your unique situation and requirements to match your budget. By exploring different options and comparing policies, homeowners can discover coverage that meets their specific requirements at a price within their means. Household insurance serves as an investment in your future, making it worthwhile to invest time in finding a policy that suits your needs. For expert advice on how to choose the right type of policy, speak to an insurance expert at BVS.

Reason 4 - Home insurance alternative accommodation

As we’ve read in this article, disasters are never far away and waiting to happen. A house fire, a flood or even a storm can do more damage than imaginable. Following an incident like this, the first thing that comes to mind is ‘where can I find a house to live in?’ This is probably the best part of having household insurance. Most home insurance policies will provide you and your family an alternate residence for a short period till you are able to relocate back to your home and it's safe to settle back in.

In times of need such as this, a household insurance can bring a great sense of relief while establishing normalcy and allowing the insured party to carry on with life without disruptions.

Reason 5 -  Getting a mortgage

When obtaining a mortgage, it is usually part of the process to have buildings insurance in place. In a mortgage, the property serves as collateral for the loan. It is therefore understandable that lenders seek to safeguard their financial stake by ensuring the property is covered against potential damage caused by events such as fire, storms, or other disasters.

Typically, your mortgage provider will present you with the option to purchase buildings insurance. Speak to an adviser at BVS for insights how household insurance can help with your potential mortgage.

Conclusion

Homeowners in the UK can greatly benefit from investing in household insurance. It offers crucial safeguards against unforeseen circumstances, financial stability, liability protection, peace of mind, which are available for reasonably priced premiums.

As in any insurance, it is wise to carry out a bit of research before selecting a policy, to ensure it meets your coverage requirements while remaining within your budget.

By obtaining the appropriate household insurance policy, you can safeguard your home and loved ones, allowing you to embrace the assurance that you are prepared for any future uncertainties.

OUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

* Approved by The Openwork Partnership on 13 May 2024"