You’ve just bought your first house, or perhaps you’ve bought your fifth, you’re still faced with the task of finding the right home insurance. With the market flooded with brokers A through Z, and a countless number of comparison websites and middle-men, you’d do very well indeed not to feel a little intimidated. There are a number of things to consider that you may not have expected to encounter.
Home Insurance is a very vague title for what the policy encompasses. You’ll need to try and find out what the cover physically encompasses. Regardless of your garage being attached to your home, it can still be classed by some brokers as a separate building. Check to insure that it’s included and insure it if it isn’t. The same rule applies for outbuildings, and don’t forget fences and outside walls. All of these may slip your mind until you come to claim from a storm-damaged garden.
When you take out a new insurance policy, you will often have to disclose and extended amount of information about your home and locale. Make sure that you go over these particulars with a crystal clear magnifying glass, failing to inform your broker of something or misinforming them could invalidate your premium. They won’t likely take into account whether you meant to leave the information or not, so be sure to double check all forms and sheets. It will be a big price to pay if you fail to tell your insurers of a crack in the wall when it comes tumbling down and they refuse to pay a penny.
Excess and Premium
This may be both the first and last issue on your mind, it may even be what swings the decision for you. Cheaper insurance will often yield a lesser service, you get what you pay for. Examine contracts carefully, there are few brokers which will cover you for obscure damages like those from war or radioactivity, but make sure all of the basic boxes are ticked. Choosing the right excess is important too, you can lower your premium by agreeing to contribute more money to a repair but make sure you can survive the sting when it comes.
Unlike building insurance, contents cover isn’t required by those operating under a mortgage. But consider your possessions and valuables, and gauge their cost; there are very few of us who could afford to replace them. Make sure that you know what is and isn’t covered. Most insurers will deal with televisions and furniture but consider looking for those who will protect your bicycles, wallet contents and holiday luggage.
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