Students 'must not assume they are covered by parents' home insurance'

In other countries home buildings insurance is not compulsory as in the USA. However, it is considered to be an essential requirement particularly in these days of climate change with severe flooding one minute and then drought the next. Clearly, these extreme conditions can have a major impact upon your property. Indeed, in some countries, some insurers will not insure your property against flooding in certain geographical areas because of the high risk. Conversely, drought can cause shrinkage, particularly in clay soils, which can cause foundations to subside. As a result, home buildings insurance is likely to cost us all a lot more regardless of where we live.

For personal property coverage you should get enough coverage to replace your possessions. You can figure out how much you need by totaling the value of all your personal possessions - furniture, clothing, appliances, electronics, tools, etc.

In addition to Nationwide's buildings and contents coverage service, which they offer for purchase separately, the company statement also outlined other offers available through their home insurance products. Some outlined in the recently-published report include a 10% increase in level of sum insured in the 30 days prior to and following weddings, civil partnerships, birthdays and religious festivals, up to £500 cover for money in the home, up to £500 cover for replacement of house keys and locks, credit cards, free 24 hour legal, medical, counselling and tax advice help-lines, up to £500 cover for visitors' belongings, and up to £5,000 cover for home office equipment. Other services and further stipulations for those listed in the report can be found on Nationwide’s website.

Like most forms of insurance, home insurance does not cover every possible event that could happen at a home. For the homeowner, it is important to understand what things home insurance does not cover in order to take action to obtain the additional coverage needed. In most cases, a rider can be added to a home insurance policy to provide additional coverage or a separate insurance policy can be purchased to cover a specific need.

For personal possessions, you need enough coverage to replace the contents of your home. Take an inventory of everything you own, including each item's value, and use the total value as the amount of contents coverage you need.

Fortunately, finding the perfect insurance policy no longer means you have to spend days on the phone or in your car calling and visiting insurance agencies. Instead, you can sit down at your computer and log on to an insurance comparison website.

You should also know that the actual cash value of your condo homeowners insurance must comply with the policy of replacement that your insurance provides. If you have an actual cash value policy, this might not take into effect.