Home insurance: what to check before you renew

It often starts with something ordinary. A small mark on the ceiling after heavy rain. A faint damp smell in the hallway that you try to ignore for a week. Or the moment you notice the kitchen floor feels slightly “spongy” near the sink.

Most of the time, the fix is straightforward. But sometimes it turns into a bigger job than you expected: a leak you can’t see, damaged flooring, a call-out fee, and the question people only ask once it’s already inconvenient: “Does my home insurance actually cover this?”

This guide is here to help you check the key points before you renew, so your cover still fits your home and your life.

Know what you’re insuring: buildings, contents, or both

Home insurance is usually one (or a mix) of two things:

• Buildings insurance covers the structure: walls, floors, ceilings, fixed fittings, and things like built-in kitchens and bathrooms.
• Contents insurance covers your belongings: furniture, clothes, electronics and everyday items.

In Gibraltar, what you need depends on your living situation:

• If you own your home, you may need buildings, contents, or both.
• If you rent, you normally need contents insurance (your landlord typically insures the building).
• If you let a property, you may need a landlord policy designed for rental use.

It sounds simple, but renewals are where mismatches happen. People move in together, renovate, rent out a spare room, or start working from home — and the policy stays the same.

Check the rebuild value (not the market value)

One of the most common misunderstandings is mixing up what your home is worth with what it would cost to rebuild.

• Market value is what someone might pay for your property.
• Rebuild value is the cost of repairing or rebuilding the structure after major damage.

Rebuild value matters because buildings cover is often linked to the sum insured. If it’s too low, you can be left underinsured. If it’s too high, you may be paying for cover you don’t need.

If you’ve done work like a new kitchen, bathroom, glazing, flooring, or structural changes, it’s worth checking whether your buildings sum insured still reflects the property today.

Think through “everyday” risks: leaks, accidental damage and wear-and-tear

Many home insurance conversations happen after a leak because leaks are common, disruptive, and rarely neat.

A useful way to think about it is this:

• Insurance is designed for sudden, unexpected events.
• It is usually not designed for gradual deterioration.

That’s where wording matters. Policies often treat things differently depending on whether damage is:

• Sudden (for example, a pipe bursts)
• Gradual (for example, slow seepage over weeks)
• Wear-and-tear (for example, something that simply reaches the end of its life)

Accidental damage is another area that can change the feel of a policy. It can help with real-life moments like:

• Spilling water onto a laptop
• Knocking a TV over while moving furniture
• Damaging a sink or hob by accident

It won’t cover everything, but it can be the difference between a policy that feels theoretical and one that feels useful.

Review your contents (especially the “quiet upgrades”)

Contents creep up without you noticing. A phone upgrade here, a new sofa there, a better coffee machine, a new watch, a few more tools, a gaming console, a second screen for work.

Two practical checks help:

• Total contents sum insured: Does it still reflect what you own now?
• High-value items: Do you have items that need to be specified, valued, or covered separately (for example jewellery, watches, art, or specialist equipment)?

Also think about where things live. If you keep belongings in a storage room, garage, or shared space, it’s worth checking whether there are limits, security requirements, or exclusions.

Don’t ignore the excess

The excess is the amount you pay towards a claim. Before renewing, ask yourself:

• If you had a claim tomorrow, would the excess feel manageable?
• Are there different excesses for different claim types (for example, escape of water, storm damage, theft)?
• Have you chosen a higher voluntary excess to reduce the premium, and does it still make sense?

A slightly lower premium can feel less attractive if the excess makes smaller, realistic claims not worth making.

Check the exclusions that trip people up

You don’t need to read every line like a lawyer, but it’s worth being aware of the categories that often cause surprise.

Common areas to check include:

• Unoccupied property: If you travel often, or the property is empty for periods, policies may have conditions.
• Maintenance-related issues: Gradual damage and lack of upkeep are often excluded.
• Business use: Working from home is common, but some policies have limits if you run a business from the property or keep business equipment.
• Security requirements: For certain cover (especially theft), there may be requirements around locks, alarms, or forced entry.

The goal is not to worry about worst-case scenarios. It is to make sure your policy matches how you actually live.

Life changes that should trigger a quick policy check

Home insurance is easy to set and forget, which is why it’s worth using renewal as a prompt.

A quick check is sensible if you’ve:

• Renovated (even “small” updates)
• Bought higher-value items
• Started renting the property out (or renting a room)
• Had changes in who lives in the home
• Started working from home in a more serious way

These don’t always mean you need a different policy. They just mean it’s worth checking what is included and what is not.

What to check before you renew

Before you click “renew”, run through:

• Buildings, contents, or both: is the split still correct?
• Buildings sum insured: does it reflect rebuild cost rather than market value?
• Contents sum insured: have you “quietly upgraded” over the last year?
• Any high-value items: do they need to be specified?
• Accidental damage: is it included where it matters?
• Excess: would it feel reasonable if you had a claim?
• Empty periods / travel: any occupancy conditions to be aware of?
• Any recent changes: renovation, renting, working from home, new items?

We’re here to help

A few minutes checking the details at renewal can save you a lot of frustration later. And if you are unsure whether your current cover still suits your home or circumstances, Masbro can help you talk it through and find suitable insurance that fits your needs.

Speak to us about home insurance and make sure you are starting from the right place. Email us at non-motor@masbro.gi, call us on +350 200 76434 or drop in to see us between 9-5pm Monday to Friday at Suite 1A, Tisa House, 143 Main Street, Gibraltar