10:27 16 March 2013
Home insurance is something that you need to buy after obtaining your house, especially if you purchase it on credit (it’s mandatory). It’s something that will protect you from unexpected bills should unforeseen events damage your property.
Below are some of the FAQ of first-time homebuyers. We’re sure you’ll find them useful!
Home insurance, is it really necessary?
Most first time homebuyers would want to avoid as much fees as possible when buying their first house. However, insurance shouldn’t be one of them. As I said earlier, this is mandatory if you’re purchasing on credit.
Even if you’re buying on cash, it’s still a must. Unforeseen events happen all the time and you don’t want to spend thousands of pounds if your house was burned down, for example, right?
Where should I get it?
There are several companies offering home insurance. Most people usually get their first policy from their car insurers, as this will entitle them multi-policy discounts. But it wouldn’t hurt if you do your research and compare prices and coverage by getting quotes from as many insurers as possible.
What does it cover?
Home insurance policy will give you peace of mind knowing that should anything bad happen to your house, you’re covered. Most policies cover things like fire, wind, theft, and personal liability.
They also usually provide coverage for equipment breakdown, flood, and earthquake. There is special coverage available for you for additional cost.
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