There’s a lot of expense involved when you become a home owner. For those in your third or fourth home, it’s all part of your regular costs. But, as a first-time buyer or a second stepper into a larger home, all the different things that you need to buy and put in place, can be mind-boggling. Andoften, insurance is one of those things.
There are many different insurance policies around for a variety of different things. But, do you really need it all? If you’re not sure, then read on to discover what types if insurance you shouldn’t be without.
“It’s possible to insure against pretty much anything these days and if you’re a home owner you sometimes feel it’s better to be safe than sorry,” said Pimlico estate agent Andrew Reeves. “There is such a thing as too much insurance, however, so its important to do your research to ensure you only pay for what you need.”
This is an insurance policy that everyone needs, renters and home owners alike. It means that if something happens to your valuable items; they get stolen or damaged, that you can claim on your insurance to replace them.
But, be careful. Do your best to correctly estimate how much your most valuable items are. And, if you have something that’s of particular value, it should be mentioned as a separate item on your home contents insurance policy. That will make sure you’re reimbursed the proper amount or can replace it like-for-like.
Strictly for home-owners only, buildings insurance is there to pay for any structural damage to your home. There are different types to cover a detached, semi-detached, terraced or apartment, so make sure you select the right building type to ensure your buildings insurance will be valid.
Buildings insurance covers the structure of the building, so walls, foundations and roof. If you’re a tenant, buildings insurance is something your landlord, or the investor will take care of, so it’s not something that you need to worry about.
“Many insurers offer a building and contents package or will link the two together for the same property as these are the standard types of home insurance every home owner should have,” said Lawsons & Daughters. “It’s still worth shopping around to get the best quote for your needs, however, because as with everything, there are a variety of options across all price brackets.”
It may cover only a specific item in your home, but its an important one! Boilers work hard, particularly in the winter, so having the best boiler cover you can get, will help ensure you aren’t without hot water and heating for longer than you absolutely need to be.
There are many options out there. There’s typically boiler cover available from your energy provider. Also, you don’t have to get cover from your energy provider. For instance, you could get British Gas cover, no matter who provides your gas and electricity. Or, you could use a private contract gas engineer. The choice is yours and depends on what they have to offer.
Don’t wait until you move in
With these three insurances, the important things are covered. If you have specific problems with your home, then you may need additional policies, but you should be advised of that after your survey.
Another point to be aware of, is that you should get your insurance policies in place before you move in. It doesn’t take long and some are even done easily, online. But, if you leave it until the day you move in, you’re likely to find you want be able to get cover until the next day at the earliest. While its highly unlikely a major problem will occur on your first night, it’s not unknown.
“Getting insurance cover is one of those jobs no-one likes to do, it feels like you’re online or on the phone for ages arranging everything, when it reality its rarely longer than 30 minutes,” said Robert Holmes. “Buying a home is exciting, but there are lots of laborious asks that accompany it, so write a list and set aside an afternoon to tackle the jobs you dislike but are essential. Once it’s done you can tick everything off that list and feel happy with your accomplishments.”