When you move into a new home, it makes sense to put some protection in place in the form of home insurance.
You may wish to take out insurance to protect the physical building itself, the contents inside, or a combination of both. Accidents, burglaries, vandalism and natural disasters happen, and if you are not prepared, you can be left facing serious repercussions. At My Mortgage Force, we encourage all homeowners to consider putting home insurance in place so that in the event the worst should happen, there is adequate protection available to help you through a difficult time.
What Is Home Insurance?
There are two types of home insurance, that which covers the building itself, and that to cover the contents.
Buildings insurance will pay out for any structural damage to the building (windows, walls and the roof), and some policies will also include coverage for permanent fixtures such as the bathroom and kitchen. A policy should be able to cover the cost of a total rebuild of your property, and so it is a good idea to take it out at the same time of getting a mortgage. The rebuild cost will be included on your valuation, so you’ll have an idea of exactly how much you’ll need to take out. Buildings coverage gives you protection against things like fires, earthquakes and floods, and so if you are moving into a particular part of the UK that is prone to flooding, you should definitely make buildings insurance a consideration.
As the name suggests, contents insurance covers the possessions inside your home. The specifics of what’s covered will vary from policy to policy, but generally speaking, contents insurance will cover electronics, furniture, clothing, jewellery, valuable items and money. You should ensure you have enough coverage in place to replace the items in your home, which means accurate valuation is incredibly important to make sure you don’t find yourself underinsured.
Do I Need Home Insurance?
Home insurance is not compulsory by law, although most mortgage providers will make it a requirement in their policy – and rightly so. After all, your home is the largest investment you’ll make! It makes sense to protect it and the contents within.
Contact Us to Find Out More
At My Mortgage Force, we can help you find the right policy to suit your needs, whether you are applying for a mortgage, are remortgaging, or are happy with your existing deal. Having this sort of protection in place provides you with peace of mind that in any event, there will be financial help if you ever need it. If you love your home, it makes sense to have a home insurance policy in place, so contact us to find out more about how we can help.