If you are a homeowner or just rent a property then you need home insurance. If before now you have ignored the notion of getting insurance, then it is time to take control. Many people choose not to get insurance because they can’t deal with the extra cost on top of everything else. Home insurance will protect you when you need it the most. Think of insurance as a safety net for when things go wrong. Here is everything you need to know about home insurance and where to buy it.
Why Get Home Insurance?
Few people understand the point of home insurance. If you don’t have your home insured then you have no form of security. Sure, you can budget for potential problems, but it is simpler to just pay a monthly subscription and know that you have a back-up plan. If you don’t have that back-up, then it will be hard when disaster strikes. Estate agents in Sandown claim that only one in five buyers consider home insurance as a vital cost. Many new homeowners leave their home’s safety to chance. You need insurance because you need security. Everything else in your life should come secondary to the security of your home and your family.
The Two Types Of Insurance
There are two main types of home insurance. The first is structural home insurance. You only need to get this type of insurance if you own the building. Renters can get away with not investing in this insurance. Structural insurance covers you when something goes wrong with the building. That means that if you need a new roof or new windows, you can claim money back on your structural insurance. This type of insurance is worth investing in since home repairs cost so much money.
The second type of home insurance is contents insurance. Both homeowners and people renting should invest in this type of insurance. The insurance covers your household belongings. You will need to make a detailed account of all your valuables when you invest in contents insurance. Everything from your laptop to your mobile phone to your jewellery should be on the list. The insurance company needs to know what items you may claim for in the future so that they can quote you on insurance. The more expensive items you have, the more expensive your insurance will be.
How To Compare The Best Deals
You must never opt for the first insurance company you come across. There are many companies from whom you can get insurance, so it is worth doing your research. Use online comparison websites to figure out which deal will work for you. Different insurance companies offer a different amount of coverage. Some companies may appear more expensive but will help you more when you need it. Look into customer reviews online and see who offers the best service at the most-reasonable price. By doing this beforehand, you will have no nasty surprises later on.
Paying Insurance Excess
You will in many instances have to pay an excess on your insurance claims. People make the mistake of thinking that because they are paying insurance they can claim for the full price of things. Often the case is that you will have to pay the excess when your insurance company pays out. The excess will be less than the full amount of your item but may leave you with a bad taste in your mouth. Insurance companies have got much tighter on their regulations. There was a time when they replaced broken items at no extra charge, but those days are over. Prepare to pay an excess charge of about 1/5 of the item cost.