For those families lucky enough to be purchasing new home insurance for the first time it is important they consider how much cover they need and exactly what sort of cover is requires.
Legal requirement
Of course the mortgage provider will insist that the skeleton of the home (bricks and mortar, fixtures and fittings) will be covered by buildings insurance. The inside of the home is a different matter completely and it is up to the new home buyer whether they want to buy contents insurance. Most neutral observers would advise that covering such a prized possession by some sort of insurance is a wise choice.
Don’t forget apparel
Insurance does not have to be expensive, there are hundreds of different companies offering thousands of different policies, and cheap home insurance is relatively easy to find, although you should always bear in mind what exactly you want covering. A new home usually requires a considerable amount of expense to fit out and it may well be worth adding up all the bills as they come in just to figure out how much your contents are worth. New carpets, curtains, and electrical items will quickly start the figure rising and then you should consider clothing. The clothing you bring with you to your home may well not be new; however, it has value, often great value, and the cost of replacing such items in a fire for instance would be urgent and necessary.
Consider the extras
Home insurance providers will often put a ball park figure of around £40,000 to £50,000 on a conventional three bedroomed house but it is up to the homeowner to decide if it is enough, or indeed too much. Remember accidental cover will cost more, as will cover for items away from the home, and items that hold exceptional monetary value. Make sure items are not covered twice, for example your TV may be covered under its warranty for damage and therefore may not need to included in items of outstanding value.
Use expert advice
It is always worth taking a couple of hours making a note of the value of your home, and making a list by physically walking from room to room is often the best way of getting an accurate figure. Your household insurance provider will be willing to help in this matter and it is often worth listening to the words of experts if insuring your new home is your first venture in the world of insurance.
Tags: buildings and contents insurance, Home Insurance, household insurance