Buying your first home insurance policy, where to start?

The first quote you see will probably look baffling. A jumble of figures, optional extras, and unfamiliar wording. It’s tempting to laugh, sigh, and click whatever looks reasonable. Many people do. That’s usually when problems creep in later.

Home insurance isn’t complicated, but it does reward a bit of attention early on. Especially the first time around, when you’re setting a baseline that future policies will quietly follow.

Buildings and contents, the split that matters

Most first-time buyers meet home insurance through a mortgage requirement. Lenders usually insist on buildings insurance from the day contracts exchange. That part is fairly non-negotiable.

Buildings insurance looks after the structure itself. Walls, roof, permanent fittings. The bits that would still be there if you turned the house upside down and shook it.

Contents insurance is different. It covers what you bring into the property. Furniture, clothes, electrical items, kitchen bits, and all the everyday things that quietly add up.

• Buildings insurance is usually essential if there’s a mortgage involved.
• Contents insurance is optional, but rarely something people regret having.
• Combined policies are common, though separate policies can suit some situations.

The key point is knowing which parts you actually need, rather than ticking boxes out of habit.

Rebuild cost is not the same as property value

One of the most common first-policy mistakes is confusing rebuild cost with market price. Insurers aren’t interested in what you paid or what the house might sell for next year.

Rebuild cost is about materials, labour, professional fees, and clearing the site if the worst happened. It’s often lower than the purchase price, sometimes much lower.

Many insurers use standard rebuild calculators, and survey reports often include an estimate. Using those figures matters. Overestimating can push premiums up unnecessarily. Underestimating can leave gaps that only become obvious at the wrong moment.

Contents values, the quiet underestimation problem

Most people underestimate their contents. Not deliberately. It’s just hard to picture everything at once. Sofas, wardrobes, white goods, carpets, curtains, clothes, gadgets, books, kitchen equipment. It adds up quickly.

A simple room-by-room walk-through, even mentally, usually produces a more realistic figure than a quick guess.

• Think replacement cost, not what you paid years ago.
• Include items stored in sheds, garages, and cupboards.
• Check single-item limits for higher-value belongings.

This is one of those areas where accuracy now saves awkward conversations later.

Accidental damage, optional but worth understanding

Accidental damage often appears as an add-on. Sometimes it’s included as standard. Sometimes it isn’t.

It generally covers sudden, unintended mishaps. Spilled paint. Dropped devices. A heavy moment with a drill where precision briefly leaves the room.

Whether it’s worth including depends on how you live in the property and how much disruption you could comfortably absorb. It’s not about expecting disasters. It’s about knowing where the line sits.

Security, honesty beats optimism

Insurers ask about locks, alarms, and windows because risk varies. There’s no benefit in rounding things up. Saying there’s an alarm when there isn’t can cause problems later.

If security improves after the policy starts, that can usually be updated. Starting with accurate information keeps everything straightforward.

• Door and window locks should match what’s actually installed.
• Alarm systems should be in regular use if declared.
• Changes to security can often be reflected mid-policy.

Excess levels and the balance to strike

The excess is the amount you contribute to a claim. Higher excesses often reduce premiums. Lower excesses can make claims easier to justify.

The right level depends on cash flow, not optimism. An excess should be affordable without stress, even if the claim arrives at an inconvenient moment.

Reading the exclusions, briefly but carefully

Policy wording doesn’t need to be read cover to cover, but certain sections are worth a look. Exclusions around wear and tear, gradual damage, and maintenance-related issues come up more often than people expect.

Home insurance generally responds to sudden, unexpected events. Ongoing issues are usually treated differently. Knowing that boundary helps avoid assumptions.

Renewal habits start with the first policy

The details you provide now tend to carry forward. Addresses, rebuild costs, contents values, security information. Each renewal quietly inherits the last unless changed.

Getting it broadly right at the start makes future reviews simpler. Less correcting. Fewer surprises. A quieter relationship with paperwork.

Home insurance doesn’t need overthinking. It does need a bit of care. Once that’s done, it mostly sits in the background. Which is exactly where it works best.

Some Useful Pages