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None of us imagines that we’ll be burgled, until it actually happens and this is equally the case with subsidence, flooding and all the other ills that property is prone to. Although taking out contents and buildings insurance can undoubtedly be an irritation, if not a downright pain, it’s as well to have them both in place.

Buildings insurance may already have been arranged by the landlord if you own an apartment in a block of flats, for example, but normally when you take out a freehold mortgage you’ll be required, by the mortgage company, to take out a buildings insurance policy. This will cover the cost of rebuilding the house in the event of an unexpected disaster, because unexpected disasters do happen.

The buildings policy will probably cover fixed items such as fitted kitchens and garden sheds, but you must check for yourself by reading the policy.

A contents insurance policy covers movable possessions in the property and often some of them outside, though separate travel insurance arrangements will usually need to be made if you take things away on holiday with you.

Once you’ve found a suitable buildings or contents insurer you can drive the premiums down by reducing the level of cover, increasing your excess or taking them both out from the same insurer, which usually results in a discount.

Shop around for the buildings insurance and contents insurance policies that are right for you and take out the correct level of cover for the value of property and possessions you own; don’t pay for insurance you don’t need. This is the only way to save money, whilst being fully covered.