7 top home insurance questions answered

We want to ensure you have the right home insurance to suit your needs. To help you, we have put together a useful guide to answer the questions we are most frequently asked by our customers.

1. How much buildings insurance cover do I need and how do I calculate it?

Most insurers will ask you for the rebuild cost of your home. This is different to its market value. It’s important that you don’t undervalue your home rebuild cost as your insurer may use this figure should the worst happen. If you’re not sure what your rebuild cost is, the Association of British Insurers can help.

Top tip: If your home has special architectural or unusual features, a chartered surveyor could give you peace of mind over its value. Visit the Royal Institution of Chartered Surveyors to find a surveyor in your local area. With Home Insurance Select, we don't ask you for the rebuild cost. We will cover the full cost to rebuild your home.

 

2. What is the difference between buildings and contents cover?

Home buildings insurance protects the actual structure of your home and its outbuildings. This includes the fixtures and fittings of your home such as the roof, walls, ceilings, floors, doors, windows, and fitted kitchens and bathrooms.

 

Home contents insurance covers your personal possessions such as clothes, furniture, electrical items and valuables. Essentially, the things you’d take with you if you were to move home.

3. What is included under accidental damage cover?

If you have accidental damage cover and this is shown on your policy schedule, you'll be covered for damage which is sudden, unexpected and not done on purpose. With buildings insurance, this could cover a football smashing a window. With contents insurance, it might cover a drink spill on a carpet. It doesn't cover normal wear and tear.

Top tip: If you want to find out more about what normal wear and tear is, our home maintenance guide can help.

 

4. How much contents insurance do I need?

The easiest way to work out how much cover you need is to go round each room in your home and add up the value of all the contents. Remember to include the contents of your garage, shed and garden if you have one.

The Association of British Insurers offers a useful checklist to help you add up the value of your contents in each room.

Top tip: To remain adequately insured, don’t forget to increase cover when necessary - for example when you buy any new items of value.

5. How do I know what types of locks I have?

A main door should be secured by a 5-lever mortice deadlock or a key-operated multi-point locking system. The lock you choose needs to be able to be locked and unlocked from both the inside and the outside.

Have a look at your locks to see if they feature the British Safety Standard Kitemark symbol, which will be stamped on the locking plate. Many homes will have locks compliant with BS3621 which is the insurance industry standard.

Top tip: Find out more about how to keep your home safe from burglars.

 

6. What happens if I am under-insured?

If you don’t provide accurate figures for your buildings or contents insurance you may have issues if you ever need to make a claim, and may not receive the pay-out you might have expected. This could risk leaving you financially worse off as a result.

Top tip: If you ‘over-insure’, you may end up paying more than you need for your policy, so it’s always worth making sure your figures are as accurate as possible. Seek guidance from your policy provider if in doubt.

 

With Home Insurance Select, we don't ask you for the rebuild cost. We will cover the full cost to rebuild your home.

7. How do I know when my property was built?

Most insurers will ask you when your property was built. You can find out the date by checking your mortgage valuation or any survey that’s been carried out previously. If you’re still unsure then provide the approximate year of its construction.

Top tip: If your home is similar to a neighbour’s they might have useful details of the construction date.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).