For first time home buyers finding the right house can be both an exciting and daunting prospect. From the initial flurry of finding a property that is right for you to going ‘sale agreed,’ it really is just the start of the process. Looking for a reliable home insurer that will help guard and nurture your new castle when life comes into play is another task worth thinking about.
1. Cheap Cover May Not Be Best Value
At the outset it will appear that the bills are piling up, from solicitors fees to surveyor reports and lots more. Despite this, it’s important that you don’t try and sell yourself short when taking out home insurance and find value for your money. In some cases the cheapest cover can often be the least desirable. Be sure to get a number of quotes from different providers and compare the benefits on offer. Most insurers such as The AA will provide cover against losses relating to a fire, storm, flood or theft. The AA will also cover you for accidental damage, i.e. if you spill bleach on your carpet or accidentally kick a ball through your window.
2. Know Your Rebuild Cost
When working out the cost of home insurance, you should think about how much it would cost to rebuild your house and its contents. Your bank and mortgage broker should have conducted a valuation shortly after you go ‘sale agreed’ and prior to your loan approval. This valuation will advise the rebuilding cost of the house, and the minimum amount that you must insure it for.
3. Understand the Benefits of Cover
Be sure to have your contents insured at an adequate amount and don’t forget to specify the most important items, some of which will be covered outside the home. You can extend cover for valuables such as your laptop, tablet or jewellery.
BY BARRY ALDWORTH
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