Mortgages

Home Insurance

It is not illegal to be without home insurance. If the contents of a home are damaged by fire or flood or stolen it does not affect anyone but the homeowner.

As with all insurance policies the level of cover and the cost of premiums differ and it is usual that the level of cover would be more comprehensive if the premiums are higher. There are two types of home insurance - buildings insurance and contents insurance. You are required to have buildings insurance by your mortgage provider. You can often benefit from a discount if you buy both types of policy from the same company.

It is always a good idea to shop around for insurance, the competition between insurers is very brisk. It is possible to lower premiums by becoming a member of your local Neighbourhood Watch installing a 5 lever mortise lock on the main doors and window locks as well as a burglar alarm and functioning smoke alarms.

It is necessary to be honest about the contents of your home and likewise not to underestimate the value of more expensive items. Check the small print within policies and make sure that it fits your personal criteria.

Most companies suggest that the best way to estimate the total value of posessions is to go through each room one at a time and mark down each item you wish to insure. It is important to remember to include a loft or garage.

It is important to keep the policy details up to date and to add any major purchases and minus any that no longer apply. If no claims are made then it is likely that you will receive a discount on your policy. It is a good idea to make a note as to whether the company you have insured with send reminders when the policy is due, if no that it's vital to keep a note of it yourself.

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