Buildings insurance – designed to cover your property (bricks and mortar) against damage. The sum assured is usually the rebuild cost of your property however most providers normally have a blanket cover up to £500000. This is the only compulsory type of insurance required by lenders when taking out a mortgage or remortgage.

Contents insurance – usually taken in conjunction with building insurance. It is not a legal requirement to have this cover but it is highly recommended as it is designed to protect your household and personal items against theft or damage. The sum assured is normally a blanket cover up to £50000 with the option to add individual expensive items