Getting a better home deal
Buying a house is the biggest purchase most of us will ever make, yet we sometimes spend less time researching it than we would if we were buying a new TV!
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Home Insurance
Ann Maurice
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Buying Insurance
You will need to insure your home from the date you exchange contracts, as you are then legally bound to buy it.
- Don’t take out home insurance from your mortgage provider unless it is the most competitive. You are under no obligation to take the mortgage provider’s insurance although they will require confirmation that you have buildings cover in place to protect their investment in your home.
- Buying both buildings and contents from the same provider may work out cheaper than buying separately – but not always. Get quotes for both joint and separate cover.
- Go to a broker such as AA home insurance who will find the best premiums for you from their panel of insurers.
- Having good security, and belonging to a Neighbourhood Watch scheme will help reduce the cost of cover. The insurer may also, for example, insist that the front door has a ‘BS3621 five-lever mortise lock and key operated window locks’ so check that the house you are buying meets the insurers requirements.
- Make sure the policy covers your needs. Do you have expensive garden furniture and will it be covered? Do you need cover for possessions away from the home which can get you cheaper travel insurance? What about accidental damage cover? What is the value of your contents? The AA’s home insurance website has a useful calculator to help you assess what your contents are worth.
- Buying online and paying annually should also save you money.