UK weather: 2 insurance policies you need during stormy weather

With increasing warnings of storms and storm damage, it’s prudent to know what insurance policies are required to avoid dipping into your savings. Depleting your savings could interfere with your savings goals and lower your financial resilience. Here’s why these two types of cover are worth taking out or reviewing, particularly during such times.

home insurance

A lot can go wrong during a storm. Your house could get flooded, or falling debris like large branches could damage your roof or other structures in your property. Home insurance covers the repair costs of such damage, meaning you don’t have to touch your emergency savings.

There are three types of home insurance policies:

1. Buildings insurance covers the physical structure of your structure.
2. Contents insurance covers the possessions and fittings inside your home.
3. Buildings and contents insurance combines the above policies.

Your choice between these types of cover may depend on cost, but it’s wise to read through the terms to avoid paying for something you may not really need.

If you don’t already have home insurance, the first thing you’ll want to do is find out what perils pose a threat to your home. Your property could be located in a flood-prone area, for example. If this is the case, it’s best to choose a policy covering flood damage.

The Motley Fool has compiled a list of top-rated UK insurance comparison websites to help you save time and money. Use them to find home insurance providers and compare their deals to find the most suitable and affordable policy for you.

If you already have home insurance, it could be worth your while to review it annually and compare it with what other providers are offering. There could be a cheaper or better deal, meaning an opportunity to reduce your outgoings, especially now that the cost of living is rising.

car insurance

It goes without saying that comprehensive car insurance is better than third-party insurance. But does it cover damage caused by storms? Fortunately, comprehensive insurance covers damage from falling objects and flooding, which are characteristics of storms, but third-party cover doesn’t.

If you have third-party car insurance, it might be best to switch to comprehensive cover. You don’t want to be hit with high car repair costs amid rising inflation. We have a list of top-rated picks for car insurance comparison sites to help you compare different providers.

It’s also good practice to protect your vehicle from damage, even if it is insured. For example, being mindful of where you park it when stormy weather is forecast is important. Additionally, it could be helpful to consider top tips for driving safely through water, especially the dos and don’ts.

Like home insurance, if you already have comprehensive cover, it makes sense to review it annually and compare it with what’s available from other providers. The chances are high that there could be cheaper or better cover available elsewhere. That said, it’s always best to speak to your current provider and let them know you’re considering a move. They may be able to match the cheaper deal you’ve found, saving you time and effort.

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