There’s no doubt about it…. Buying your first home is a thrilling milestone in life. The problem is, because it’s such a big deal, it is very easy to get caught up in the excitement of beautifying the place to make it your own. You know what I mean… planning where to hang pictures on the walls, choosing furniture and matching cushions and curtains and splashing out on all those quirky little knickknacks that will add character and warmth to your new home.
The problem is, should anything go wrong (house fires, storm damage, water damage) those soft furnishings aren’t going to be much use to you. Well, not unless you manage to salvage the curtains and fashion a teepee out of them in the garden until you can afford to make your home habitable once again. So, it’s extremely important to make sure you put ‘buy insurance’ as a priority on your list of things to do when you buy your new property in Newport. So, what do you need to know when choosing insurance to guard yourself against a potentially expensive disaster?
Take your time
Take your time to compare different policies and make sure they offer adequate coverage for your needs. Shopping around can also help you find the best deal.
Make sure buildings insurance is your top priority. You may find this is a necessity anyway, as a lot of mortgage lenders out there won’t authorise the exchange of contracts without it. Buildings insurance covers the cost of repairing damages to the bricks and mortar of the property itself, as well as fixtures and fittings.
Don’t forget your contents
Its important to remember your belongings too, you need contents insurance too, which covers anything that you would remove if you were to move house, such as furniture, white goods, your clothes and other valuables.
It’s also important to make sure you value all the contents correctly. Make a list detailing what it would cost to replace everything should the need arise. And don’t forget to check on single item limits… Many insurers set a cap at £1,500, so if you’ve any jewellery or other individual items worth more than that, talk to the insurer to discuss your options.
Contents can be a separate policy to buildings but some insurers offer a combined policy which may also save you money.
Don’t be excessive with the excess
The excess on an insurance policy is the amount you would have to pay each time your make a claim. For example, if you make a claim for £500 and have a £100 excess, the insurers would pay out £400 and you would have to contribute the remainder.
The higher the excess, the cheaper the monthly premium on the policy will be. But don’t plump for this option just to save you money. If you end up having to claim, you need to find the funds to cover that excess, and large amounts may not be easy to come by!
Ramp up security
Home insurance premiums can be reduced if your home is safe and secure. So it’s worth not only looking for homes to purchase in areas with lower crime rates but it’s also worth considering getting a burglar alarm fitted and having approved locks installed on all of your new home’s windows and doors.
Get in touch
Here at Bluestone Sales and Lettings, we are not only able to help you find your new home but can also offer domestic home insurance policies and a wide range of affordable buildings insurance policies.We work with our insurers to get you the best rates possible and can cover even the most difficult insurance needs. What’s more, by offering this complete service alongside sales and lettings, we can ensure your property needs are met with as little hassle as possible. So, give us a call for more information.