Might ‘building only’ home insurance be sufficient for your needs in Gibraltar?

Might ‘building only’ home insurance be sufficient for your needs in Gibraltar? Image

December 23, 2022

The world of insurance can be an overwhelming and confusing one for many people to navigate, it can be hard to know where to even begin. If you are looking to protect your home, one question might be whether you need buildings cover, contents cover, or both.

This brings us neatly onto our house insurance offering here at Ibex Insurance Services. We have a strong presence in Gibraltar, at 68 Irish Town, so you are very welcome to call our on-site staff, on +350 200 44628, for an in-depth conversation about your particular needs and expectations when it comes to home insurance. Or you could just email us or pay us an in-person visit.

But as a starting point, might you really only ‘need’ buildings insurance?

If you have ever taken out home insurance – whether in Gibraltar or elsewhere – you are likely to know the essentials of what differentiates buildings cover from contents cover in a home insurance policy. But it’s such a crucial distinction to make, that we see no harm in emphasizing once again exactly what the differences are.

Basically, contents insurance can be defined as insurance that protects all the home contents that you would take with you in the event of moving house. So if, for a moment, you imagine your Gibraltar home as being a doll’s house, and if you were to tip that house upside down, all the loose items that fall out would be essentially what contents insurance covers. Think such items as the furniture, personal computers, home entertainment devices, frozen food, and so on.

By contrast, the buildings cover part of the policy would protect the building itself (so, to continue our ‘doll’s house’ analogy, the ‘shell’ left behind once all the contents are taken out). So, if you picture all the typical risks to the integrity of a building – such as fire, storm, flood, explosion, or subsidence – these are all things that a great buildings insurance policy can help protect against.

In the event, then, that you really do own just the ‘shell’ of a Gibraltar home – the building itself – with no contents inside that you could lose or have stolen and that you would therefore need to replace, you might well opt for a ‘buildings only’ home insurance policy. Or you might need contents insurance, but already have such a policy from a different insurer, which would leave you requiring ‘just’ the buildings policy.

For many potential policyholders, it’s a wise move to buy buildings and contents cover simultaneously

Presuming your situation does not match either of the scenarios we have set out above, and you therefore need both buildings cover and contents cover for your Gibraltar property, there’s no rule that says you have to purchase them from the same place. However, it can still make a lot of sense to do so.

After all, buying through one company means having just one company to deal with for all your home insurance enquiries and needs. And as a renowned and trusted buildings and contents insurance provider in Gibraltar here at Ibex, we save you from needing to spend a lot of time shopping around… time that we’re sure you would prefer to spend enjoying your home.

To request your comprehensive and competitive quote for home insurance in Gibraltar right now, in the comfort of that home, please don’t hesitate to complete and submit our online form. Or feel free to get in touch with us to ask for any of the information you need to ensure you definitely purchase the most suitable policy for you and your household.

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