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Published: 8 June 2023

It’s important you get the right insurance cover to make sure your home and belongings are protected if the worst happens. We’ve answered some of the key questions about home insurance.

What is home insurance?

Home insurance provides a way of financially protecting your home, as well as your personal possessions within it, against unexpected events. It can cover costs for partial repair or total replacement of your home and belongings depending on the type of cover you take out.

For the ins and outs of home insurance cover, read our “What does Home insurance cover” article.

Do you need home insurance?

Most mortgage lenders require you to have at least buildings insurance, which covers the property from situations such as fire damage and subsidence.

Our mortgage terms and conditions say you must have a buildings insurance policy that covers the minimum cost associated with completely rebuilding your property.

Make sure to properly read the terms and conditions of your mortgage when applying. This will tell you what sort of insurance you need.

How much does home insurance cost?

The cost of a home insurance policy can be different depending on your circumstances and the type of cover you want. Insurance companies will look at a range of things such as:

  • The property location
  • The costs associated with repairing any damage to your property
  • The value of the contents in your home

Our insurance provider Uinsure can give you a quote online in just 30 seconds and compares premiums from seven leading UK insurers to provide you with a competitive price*. 

How does home insurance work?

Home insurance protects your property and contents from unexpected events. If your property becomes damaged by a fire or flood, or your contents broken or burgled, you can contact your insurance provider to see if they can offer compensation to repair or replace what’s become damaged or lost. Sometimes you will have an agreed excess cost to pay towards a claim, depending on the terms and conditions you agreed upon when you took out the policy.

Most cover lasts for a 12-month term, with you having the option to renew or change your provider and policy when the term is up. You can change your provider or cancel your policy at any time during your term (however there could be a charge for doing so).

It’s worth checking if your policy is set to auto renewal too, so you’re not caught out if the policy carries on into the next year when you may have intended to change providers.

How to choose home insurance

It’s important you find a home insurance policy that suits your needs. It’s worth remembering that there are various levels of cover you can get for your buildings and belongings.

To find a quote you can do your own research online or use comparison sites - but be aware not all providers appear on comparison sites.

We work with Uinsure to provide homeowners with home insurance. Uinsure compare premiums from seven leading UK insurers to get you a competitive price.* (terms and conditions apply)

Will my credit score be affected if I get a home insurance quote?

When you get quotes for home insurance, the insurer will normally check your credit file to check the details you’ve given are correct. These routine checks will be logged on your credit report and be visible to you and any credit check companies you use, under a name such as “ID check” or “insurance quote” alongside the name of the insurer that did the search. This is known as a ‘soft search’ and wont impact your credit score. Not all insurers do this, some will only carry out a credit search when you apply for the policy, rather than when you ask for a quote from them.

What's included in a home insurance quote?

A home insurance quote will feature a breakdown of the levels of cover you can get. It should reflect the value of your property and your belongings and will show the amount it will cost to take out that cover. As we’ve said, obtaining a home insurance quote won’t affect your credit score, but in some cases will appear on your report as a ‘soft search’. You can also take a look at what home insurance covers.

 

This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide. We recommend that you seek independent legal advice and/or financial advice if you have any questions or queries.

*Home Insurance arranged by Leeds Building Society from 9 May 2023 is supplied by Uinsure Limited. Uinsure Limited is registered in England and Wales with company number 06046870 with a registered office at XYZ Building, Hardman Boulevard, Manchester M3 3AQ. Uinsure Limited is authorised and regulated by the Financial Conduct Authority and is registered on the Financial Services Register under number 463689. You can check a firm’s registration on the FCA website at register.fca.org.uk/s/ or by calling 0800 111 6768.


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