If you are buying a new home and are looking for buildings insurance, you may also want to consider home contents insurance to cover household items and possessions. While it is not mandatory, it is advisable, but remember, one in three British citizens fall victim to burglary at some point in their lives.

Home contents insurance covers anything that is not considered a fixed part of your home, such as furnishings, appliances, linens and clothing, electronics equipment and in some cases, even the contents of your cupboards and fridge/freezer.

Some home contents insurance policies also cover items frequently taken out of your home, like jewellery, bicycles, mobile phones, laptops, prams and in some instances, sports equipment.

There are two types of home contents insurance, with the least expensive being indemnity. With this type of insurance, anything lost, stolen or damaged is replaced based on its worth at the time of the claim, which is to say based on its depreciated value rather than its brand new price. ‘Replacement as new’ (old for new) insurance replaces lost, stolen or damaged items at their brand new value; however, carrying that type of insurance is more costly, so it is really up to you to decide what type is best.

All home contents insurance policies have a set limit of coverage, so high-value possession like expensive artwork and jewellery are excluded. To ensure high value items are covered, an additional premium contents policy is needed.