Our homes are precious and they are for most of us, the single most expensive investment we shall ever make. The investment is not just a financial one but emotional, time and physical as we work, decorate and improve our homes ourselves. Insuring our homes is vital for both our financial security and peace of mind but also to protect the total investment we make.
Fortunately, setting up and buying a home insurance policy is fairly easy to do. Home insurance is very common and comes in a wide variety of formats to enable us to tailor a solution to our individual needs which are as unique as our homes.
Buildings insurance is usually a mandatory requirement if we have a mortgage on our home. The lender will require a policy put in place not least to protect their mortgage exposure from lending on the property. If anything happens to the building this directly impacts upon their security and the risk they hold for repayment of the loan.
Buildings insurance cover will vary from provider to provider. You need to carefully check what is being covered and what is being excluded to ensure you have the right cover. It also pays to understand what financial commitment is required from you in the event of a claim as you may have to contribute the first few hundred pounds in the event of a claim.
Contents cover is often overlooked as many of us do not appreciate the value of the possessions we have acquired over time. Simply replacing carpets may cost several thousands of pounds, while electronic equipment can cost thousands more. It is not unusual for a home to contain over fifty thousand pounds worth of contents.
Again, insuring the contents requires careful consideration of the policy that is being used to provide protection. Exclusions and conditions need proper scrutiny and never be afraid to ask if you are unsure of what something means. Remember, we are insuring the contents here and very often these are the very things that turn a house into a home.
Frequently, going through the process of working out what your home insurance requirements will be with a new home purchase will uncover issues with a property that a valuation or cursory inspection will miss. Making proper enquiries of the sellers should uncover their claims history which will help you determine if the property is actually suitable for you to purchase. A high incidence of claims may be a warning sign that you need to investigate into matters a little deeper.
Whatever you decide to do, homeowners insurance is vital. You are not just insuring bricks and mortar along with the possessions that have been accummulated. You are protecting your financial investment and the familys security now and into the future. It takes a great deal of hard work to buy and create a home; insuring it is more an act of securing your peace of mind than just a replacing a thing. Take your time and never hesitate to obtain professional help when deciding on what to use and who to insure with.
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