A first-time buyer’s guide to home insurance

Between packing up your belongings and organising your mortgage, buying your first home can be an exciting albeit potentially stressful time. While you may be busy running errands and making sure your upcoming move goes smoothly, it’s important not to forget about home insurance. This type of cover is crucial if you want to protect your property from potential disasters, such as fire, flooding and theft, and it may be a mandatory part of your mortgage policy. So, to get you up to speed on the subject, keep reading.

Where do I get it?

Home insurance can be easily purchased from a range of different sources. Most banks, building societies and even some supermarkets sell their own policies and you can also find cover from a whole host of insurance providers online. You could visit each provider’s website individually to check out their policies and prices. However, as moving home can be such a busy and hectic time, you may find it easier to visit a broker website. These types of site are able to take your information and present you with a list of cheap home insurance quotes from a variety of providers, meaning you can review and compare to find the most suitable and affordable policy for you. From here, you can select and purchase your chosen cover quickly and with minimal hassle.

buyer’s guide to home insurance

 

Which policy should I go for?

It’s up to you which policy you go for, however it pays to understand your options before you make your decision. Generally speaking, there are three types of home cover – building, contents and a combination of the two. Building cover protects the structure of your home, while contents insurance covers your possessions only. Building and contents cover offers protection for both. To ensure you’re fully protected, you may find that a combination policy is best for you.

How much cover do I need?

When it comes to the calculation of  your buildings cover, you will be asked for the rebuild value of your home. This is the amount it would cost to rebuild your property from scratch. It’s important not to confuse this with the price you paid for your home when you bought it. The sum you purchased the property for is likely to be a lot more than the rebuild costs so it pays to understand the difference to ensure you don’t end up paying too much for your premium.

For contents cover, you will need to provide an estimated value of your belongings. From your TV to your laptop to your jewelry collection, you will need to give the total sum of your possessions. For help with this, you could use an online calculator.

How much does it cost?

How much you pay for your home insurance will depend on a variety of factors, such as your postcode and whether the area is prone to flooding. Regardless of how much your premium is, you should have the option of paying the whole amount upfront or, to make it more manageable, you could choose to pay it off in instalments.

By keeping this information in mind, you shouldn’t struggle to put a suitable home insurance policy in place.

COMMENTS

WORDPRESS: 0
DISQUS: 0