Wednesday, February 15

Insurances that every home buyer needs

When I think back on the challenges I faced while attempting to buy my first house, I can't believe I persevered and everything fell into place. I recall almost giving up due to surrounding concerns, but now that I am a homeowner, I am glad I made the decision to purchase a house when I did.

There are a number of things you should know and do before and after home ownership, but one of the most important things I did was get insurance. My advocate gave me this advice, and now when my friends decide to buy a property, they ask me these questions because I was able to purchase my home and did the appropriate things. One piece of advice I always provide is that they need insurance, and the next question they always ask is, "When should I get insurance?" Which company did you purchase your insurance from? I am always glad to be of assistance, and in this article, I will discuss "Insurances that Every Home Buyer Needs."

When purchasing a home for the first time, the following insurance should be considered:
Buildings insurance.
Contents insurance. 
Gazundering insurance.

What is buildings insurance? Buildings insurance covers the structure of your home, which includes walls, doors, and built-in kitchens and bathrooms. This type of insurance also protects your home against damage such as busted pipes, water leakage, fire, flooding, storms, subsidence, and theft.

Note: Make sure you check to see if the policies cover the outside of your home, including the garages, gardens, and garden walls and fences.

What is contents insurance? This type of insurance covers the expense of repairing or replacing the contents of your home if they are destroyed, stolen, or damaged. This insurance covers anything you would bring with you when moving into your new home, such as furniture, clothing, jewelry, appliances, and equipment.

You have the option of purchasing building and contents insurance as two separate policies or as a single policy. If you're wanting to save money on your homeowner's insurance, combined coverage from a single insurer may be less expensive.  

What is gazundering insuranceGazundering insurance protects home sellers. If you ever find yourself in need of more room space, to move, or the necessity to sell your home for reasons unknown, Gazundering insurance will come in handy. When selling your home, you receive multiple bids, and when you finally decide to sell and exchange contracts, some buyers tend to lower their offer significantly, bringing it way below the asking price. This situation can be so difficult to navigate but with the Gazundering insurance, you can claim back conveyancing fees up to £1,650.
When is the best time to buy home insurance?

From the moment you exchange contracts on your new house, you should have building insurance in place. This is because you become legally accountable for the property at this moment, even if you may not move in for some time.

Before you move in, you may also need contents insurance, as your goods could be destroyed in transit. To be covered for this, you may need to hire a professional moving company. Check the fine print prior to purchase to ensure that you are adequately covered.

Home insurance isn't a legal obligation. However, if you are buying a home with a mortgage, the lender will certainly want you to obtain building insurance as a condition of their offer; they may even request a proof.

Photo by Andrea Piacquadio
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