Young Wrexham

House Insurance

The cost of insuring your house depends on its size, type of property and where you live. If you live in an area with a high crime rate, you can expect your insurance premium to be higher.

You may be able to lower the cost of your insurance if you have a no-claims record, a fitted security alarm or security device or you belong to a Neighbourhood Watch Scheme.

There are two types of cover:

1. Buildings Insurance
   • If you own your home this type of cover is compulsory
   • This covers the structure of your house including fixtures and fittings against damage caused by fire, flood, storm and subsidence (where your home may be affected by the consistency of the land it's built on)
   • The highest pay-out from your insurer (the sum assured) should cover the cost of rebuilding your home
   • Some policies may cover accidental damage, but be prepared to pay more for this
2. Contents Insurance
   • This covers theft, loss or damage to the furniture and possessions in your home
   • Most policies will pay out the full cost of replacing your furniture or possessions
   • Some policies may cover accidental damage which includes damage or loss of valuable items like jewellery inside and outside of your home. Be prepared to pay extra for this cover
   • Read the policy carefully as you may find certain circumstances are not covered
   • When you are applying for contents insurance you will be asked to provide a breakdown of all the major items in your home worth insuring. Some expensive items, for example, a bike, will need to be insured separately
   • It is advisable to have evidence of your insured possessions. You can do this by taking pictures or filming these items as a record of your possessions
   • Sentimental value of items is not calculated, the value is calculated in terms of how much money it is worth
   • Remember to renew your contents insurance at the end of the year. Keep track of new possessions worth insuring to add to your new policy

Each policy varies so make sure you shop around for the best deal to suit you. Make sure you fully understand what your policy covers. Contact BIBA or the Money Advice Servicefor advice.

The Money Advice Service has an excellent section on debt managment including:

• Buildings insurance - Do you need it?
• Do you need contents insurance?
• Extended warranties - are they worth it?

You can contact the Money Advice Service on 0300 500 5000 (or 0300 500 5555 for Welsh) Mon - Fri 8am-8pm, Sat 9am-1pm. There’s also an online chat function on their site.

You can contact Meic for free via online chat, text (84001) or phone (080880 23456).