In short
- Home insurance is optional — unless you have a mortgage.
- Key risks: water damage, fire, burglary and liability towards neighbours.
- Tenants insure their belongings and liability; owners insure the building and fixtures.
- Set the sum insured at the real rebuild value, not the listing price.
What can be insured
- Building and fixtures (floors, fitted kitchen, installations).
- Contents — furniture, electronics, bikes.
- Personal liability — e.g. flooding a neighbour.
- Home assistance — plumber, locksmith, electrician.
All risks or named perils
An all-risks policy covers everything not expressly excluded. A named-perils policy covers only the listed events. All risks costs more but brings fewer surprises at claim time.
Rented-out flat
If you let your flat, choose a policy that covers rented property — some terms exclude damage caused by tenants. Ask tenants to have their own personal liability cover.