Buying a house is often the biggest and most important purchase we will make in our lifetime, and it will also include our most expensive and treasured worldly possessions. The cost to make any repairs should our homes become damaged, or replace any of our possessions should they become damaged or stolen can be enormous, so it’s vitally important to have both buildings and contents insurance.

With Moneyfacts you can compare home insurance quotes from all leading insurers to help you get the best home insurance for your needs, whether it’s buildings insurance, contents insurance, or both. But before you jump in and start making those savings, it’s important that you work out what cover you need and for how much. Our helpful home insurance guide will help to point you in the right direction.

What’s the difference?

Buildings insurance – covers the building itself should it become damaged

Most mortgage providers will insist that you have buildings insurance on your property as, until you have fully repaid your mortgage, your house is their investment too. If your property was burnt down or suffered serious subsidence, how would you pay for the repairs? This is where buildings insurance comes in. A good buildings policy should cover the cost of completely rebuilding your home if it was destroyed or damaged beyond repair.

When searching for a buildings insurance policy, always bear in mind:

• How much your house would cost to rebuild, should it need to be. This is usually shown on an estate agencies survey, however, there are companies that will calculate this for you based on your postcode, number of bedrooms etc
• If your house is at risk of flooding or subsidence
• All fixtures and fitting are covered under building insurance so make sure you cover enough for these as well.

Contents insurance – covers the cost of your possessions

Unlike buildings insurance, contents insurance is optional if the property is yours. But imagine if you were burgled, your home was flooded or was damaged by fire - the cost to replace some of your possessions would be enormous! This is where contents insurance comes in. A good contents insurance policy should cover the cost of completely replacing any of your possessions should they be damaged or stolen.

When searching for a contents insurance policy, always bear in mind:

• What you need to insure
• The estimated cost of all your possessions
• If you need to insure certain items separately

Find out more:

• Compare Home Insurance Quotes