When we think about high value home insurance, we should consider not only what's in the home, but the actual building as well.
This type of insurance covers you for rebuilding your home and all the essential fixtures and fittings inside.
Check your buildings insurance covers the cost of rebuilding your home. Some insurance polices only cover you for up to £500,000, whereas LV= will cover you up to £1 million.
When it comes to buildings insurance, you only need to consider the rebuild cost, not the value of your property as it stands at the moment. So if you own a standard, modern three bedroomed house, £500,000 could be enough cover to rebuild your home.
If you own a five-bedroomed listed building that needs specialist builders to rebuild it, then you may not have enough cover.
That's why it's so important to give as much information as you can to your insurer about the type of property you live in. Because if you're not fully insured, you may be paying for any shortfall from your own pocket.
LV= buildings insurance provides enough to rebuild many different types of properties and it allows for increases in the cost of rebuilding without reinsuring every few years.
This type of insurance covers all the furniture, carpets, televisions, entertainment equipment, computers and gadgets you have in your home, as well as any artwork, books, musical instruments and valuables.
With contents insurance, you need to be aware of the total amount you're insured for and the maximum amount the insurance company will pay out on any one item.
Check that the amount you're insured for covers the cost of replacing everything you own. From new sofas and beds to plates, glasses and cutlery. And especially those treasured items that may be hard to replace.
To make sure you're not underinsured, take a look at our tips for valuing your contents. As you go through each room, you can see how the total amount adds up.
And remember, whenever you upgrade your gadgets or inherit an expensive piece of jewellery, review your contents insurance to make sure you're still covered. If you need to increase your cover, most insurers will cover you for a small extra cost.