There are two basic forms of insurance that you can purchase to provide yourself with protection of your home and your belongings. The first is buildings insurance and the second is home contents insurance. It’s important to understand the differences when considering home insurance quotes. Different insurers’ policies cover different things. When you get a contents or buildings insurance quote you need to be aware of exactly what it is you are covering.

Buildings insurance

The basics

This covers the building you live in and the permanent fixtures and fittings. If you are renting your home then your landlord will have this kind of insurance and you are unlikely to need to take out a policy yourself. However if you own your home, your mortgage lender will have made buildings insurance a condition of lending you the money. The value of the cover will be based on the rebuilding cost of your property.

The usually standard items covered by buildings insurance are:

• Fire damage
• Flood
• Water damage

Defining standard

However this does not cover every possible eventuality. For example, you may be covered for a flood, but not covered for damage caused by nearby trees or other objects blown around in a severe storm. Similarly, you may not be covered for vandalism or other malicious acts by third parties. General wear and tear is another form of damage that may not be covered in a standard buildings insurance policy, while other providers do cover accidental window smashes or chips and cracks in your bathroom porcelain.

How much TLC do you want from an insurer?

You should also consider the support that your insurer will give you if you are unfortunate enough to need to make a claim against it. For example, will your policy give you access to alternative, local accommodation if your home is uninhabitable for a period of time? And what about for your pets? If your home is damaged during a rescue by the emergency services (for example during a fire) will this damage also be covered?

If these are things that you feel you will need to have covered in your insurance then you should check the small print of your quote carefully. If in doubt, talk to the insurer before you sign on the dotted line.

Contents insurance

The basics

As the name suggests, this kind of home insurance covers the contents of your home – in other words all your precious belongings. That usually means everything from the contents of your freezer in the kitchen and TVs and games consoles in the living room to boxes of old books in the loft.

Added extras

Many insurers also now cover the value of gardening equipment and even your plants. But this isn’t standard so you do need to check if you couldn’t live without your beloved Begonias.  Similarly, not ever insurer will cover your bicycle if it’s pinched or involved in an accident. If you have a ride that you want covered you’ll need to check what the policy detail says.

Another item that is increasingly seen as “standard” for home insurance cover is all the virtual valuables you store on your laptop. As music and book downloads become increasingly popular a broken PC can be worth much more than just the cost of a new computer. But it’s not universal yet, so it’s another thing to check in the detail of your policy before you hand over your cash.

High value items such as PCs, cameras and jewellery need to be listed as individual items on your policy – and this can push up the cost of your policy. Many insurers will put a limit of £1000 on how much you can claim for an individual item. So if you don’t list higher value items separately you could lose out. It’s another variable you need to think about.

Home and away?

Some contents insurance policies will cover your belongings whether they are damaged in your home or while you are out in the world living your life. So if you drop your iPod in your coffee in a café, or your handbag is stolen in a restaurant, you will be able to claim. But it’s not a standard element by any stretch of the imagination, so be sure you’ve checked this detail too.

Similarly, damage caused to your belongings by removal companies while you are in between homes is not always covered. If a precious vase gets smashed in the back of the removals van you may be left out of pocket by some policies. If you know you’ll be moving soon, this might be an element you want to build in to your cover.

Finally, not every contents insurance policy covers the everyday mishaps and accidents that can befall our belongings. Accidental damage cover can be an added extra for some insurers – so check this out as part of your policy research.

Barclays is a major global financial services provider engaged in retail banking (bank accounts and instant access savings accounts), credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, invests and protects money and provides cash ISA options, business bank accounts, home insurance, life insurance, a mortgage calculator, guides on how to buy shares and other services for over 49 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.co.uk.