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You
need to insure the building and your possessions.
Your mortgage lender will probably try to get you to take
their own policy. Most people used to take these because life
was tough enough without having to make dozens of calls to
find a cheaper option.
But the internet has changed all that.
Shop around and save yourself thousands by avoiding tie ins and bundling. This doesn't have to involve you trudging through the phone book. You can have the market checked for you by filling out a simple application form on various websites and save thousands of pounds.
Rebuilding costs are not the same as the market value of your home. Often they're less than half - for example they don't include the cost of the land.
You'll overpay if you get this wrong. But if you underestimate it you're in big trouble.
Ask your insurer's advice about this. The Association of British Insurers have a useful booklet called "House rebuilding costs". Tel 020 7600 3333.
Don't get it wrong!
Don't underinsure your contents and possesions. Even old furntiure etc will be expensive to replace. Too many of us regret having miscalculated when it comes to having to buy new things and finding how much we should have insured for.
Go through each room and list what you have. Be realistic about the replacement costs.
For high value items, antiques etc Get an independent evaluation.
Be wary of "blanket cover" packages which some insurers offer. These are based on the number of rooms. You may end up paying more than necessary.
Shop around for better quotes than your lender's offering and you could save thousands.
Basically
as with all types of insurance: don't underinsure,
don't overinsure and
only get insurance that's relevant to your needs.
If you want a quote now check out these providers below or click on this link below
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
Read on
Household
Insurance
(aka Buildings and Contents Insurance)
Mortgage
Payment Protection Insurance
Life Insurance
Mortgage
Protection Decreasing Term Assurance
Permanent Health Insurance
Critical
Illness Insurance
Mortgage
Indemnity Insurance
About
Insurance 'tie ins" / bundling
Insurance
Tips
Fixed
Rate
Capped
Rate
Discounted
Rate
Interest
only mortgages
Interest
repayment arrangements
Choosing
a Mortgage
Different Mortgage Types
Re
Mortgages
How to Find your Mortgage
Mortgages in Principle
Guide to Buying Home in the UK
Guide to UK Home and Mortgage Insurance
Click
here to see your Latest Best Buy Mortgages
Back to contents of Home Insurance Guide
See full contents of the Home Buyers Guide
Read about How to get a Mortgage
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