If you have recently bought your first home, this may be your first time navigating home insurance. Here are some tips to get you started.

Buildings and contents insurance – explained

Buildings insurance covers the structure of your property, plus any permanent fixtures that you wouldn’t take with you if you moved (e.g. walls, toilets and fitted kitchen cupboards). Most mortgage lenders require you to have buildings insurance.

Contents insurance is not mandatory, but it is strongly recommended – it covers your furniture and possessions, such as sofas, fitted carpets and clothes.

Know your policy

It’s important to understand exactly what’s covered. Policyholders can mistakenly assume that their home insurance protects them in certain circumstances – for example, they might think that the theft of high value items is automatically covered. However, this often not the case, so add-ons are available if you need.

Cheaper isn’t always better

It’s tempting to choose the cheapest policy you see on a price comparison site, but you risk leaving yourself underinsured, so it’s important to seek advice.

As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage.

Sources:
https://www.abbeyautoline.co.uk/knowledge-hub/living/top-home-insurance-tips-for-first-time-buyers/#:~:text=More%20and%20more%20people%20are,Protect%20your%20valuable%20items

https://www.ilauk.co.uk/first-time-home-buyers-insurance-guide/#:~:text=You%20might%20only%20realise%20it,neighbours%2C%20tradespeople%2C%20or%20tenants.