Why do I need home insurance?
Why do I need home insurance?
Home insurance covers the cost of repairing or rebuilding your home, or replacing the contents in it if they're damaged, lost or stolen. You can insure your building or the contents of your home - or both.
Home insurance is a term used to refer to both contents insurance and buildings insurance. Here’s an explanation of the terminology:
Contents insurance: covers the possessions in your home
Buildings insurance: covers the building, including any outbuildings such as sheds
Buildings and contents insurance can be sold separately. However, if you need to make a claim, having buildings and contents insurance from the same insurer helps to make the process easier.
Although contents insurance isn’t usually legally required, many mortgage lenders will insist that you have buildings insurance.
Buildings insurance generally covers your home against risks including flood, fire and subsidence.
Contents insurance will cover you against your belongings being stolen and some policies may cover you if something in your home is damaged by accident.
However, the policies vary greatly in detail and before you buy you need to look very carefully at the things the policy won’t cover.
Home insurance policies differ in the levels of cover they offer. If you choose a "sum insured" policy - which provides a specified level of cover to replace your contents and rebuilding your home – you'll need to estimate the value of everything in your home as well as the cost of rebuilding it. However, a number of home insurance policies - including our Gold Cover – offer home insurance without this limit so you don't have to work out a particular amount.
Remember that buildings insurance needs to cover the cost of rebuilding your home - which is usually considerably less than its market value. The Royal Institute of Chartered Surveyors (RICS) has a useful guide with a rebuilding calculator.
If your home is unique - for example, if it has a large number of bedrooms or a flat roof - a standard policy may not give you the amount of insurance you need. Our Specialist Home Insurance offers cover for non-standard buildings and construction types, including flat roofs, listed buildings and homes with more than six bedrooms.
Home insurance policies usually include cover for valuable items such as jewellery, watches, works of art and paintings. However, many policies require you to specify items over a certain amount.
With Home Insurance from John Lewis Finance, our Gold Cover provides up to £3,000 cover for single items, and up to £40,000 to cover all your valuables. Any valuable item worth over £3,000 needs to be individually specified.
Our Specialist Home Insurance offers unlimited cover for single items (depending on value, items may need to be specified), with no maximum limit for total valuables. We also offer Specialist Contents Insurance for fine art and antiques.
Cover for personal possessions anywhere in the world
Accidental damage to both buildings and contents
A 24-hour Home Emergency service that provides cover for labour and parts
Our Bronze, Silver and Gold Home Insurance policies can include these optional add-ons and more, as well as providing the service you’d expect from John Lewis.
John Lewis Finance, John Lewis Home Insurance and John Lewis & Partners are all trading names of John Lewis plc. Registered office: 171 Victoria Street, London SW1E 5NN. Registered in England and Wales (Registered Company Number 233462). John Lewis plc is an appointed representative of Munich Re Digital Partners Limited, a company authorised and regulated by the Financial Conduct Authority to carry on insurance distribution activities.
John Lewis Finance, John Lewis Insurance and John Lewis & Partners are all trading names of John Lewis plc. Registered office: 171 Victoria Street, London SW1E 5NN. Registered in England and Wales (Registered Company Number 233462). John Lewis plc is an appointed representative (Financial Conduct Authority no. 416011) of Covea Insurance plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registration no. 202277). John Lewis Specialist Home Insurance is underwritten by Covea Insurance plc. Registered Office: A&B Mills, Dean Clough, Halifax, HX3 5AX. Registered in England and Wales (registration no. 613259).