If you are a first-time homeowner you might be relatively new to the concept of building insurance. If you have been renting, you may be well accustomed to contents insurance, but the actual home insurance would have surely fallen to your landlord.
This might leave you wondering about the specifics of buildings insurance. What is it, exactly? When should I get it? How much does it cost? Which buildings insurance provider do I get it from?
If these questions are starting to give you a heaped dose of anxiety, fear not. Getting buildings insurance isn’t as daunting as it seems, and we’re here to help. So, to start with, let’s take a look at those questions:
Basic Home Insurance Questions Answered
- What is Building Insurance?
If you could pick your house up and shake it out like a backpack, everything that fell out would be the contents. Everything that stays, like the fittings, windows, and walls, would be considered the home itself. This is what would be covered by home insurance, which protects the home against damage.
- When Should I Get It?
If you are in the process of buying a house now is a good time to start arranging insurance for the home itself. Ideally you want to be insured from the moment you legally take ownership of the house, which is the moment you sign the contract. However, if you already own and live in the home you want to insure, that’s fine. Though you might want to insure it as soon as possible to minimise any risk of loss or damage.
- How Much Does It Cost?
There are various factors that will determine the premium you will pay for your Buildings Insurance. You may have to supply a rebuild cost when you take out your policy, but your home is actually worth more than the sheer cost of the materials. Because of this, you will pay your premiums depending on the value of your home.
But this is also dependant on the area in which the house is situated, and if it is in danger of being damaged. For example, if your house is located in an area considered to be a high flood risk, you can expect to pay more. But you should always find as many home insurance quotes as possible before taking out a policy.
- Who Which Buildings Insurance company can I Get It From?
Some people believe that home insurance has to be arranged through your mortgage lender, but this isn’t the case. You are welcome to take out your insurance policy from the insurer who offers you the best deal. And, fortunately for you, you’ve already found us!
So, for home insurance that will leave you feeling secure and won’t hurt your wallet, contact iWYZE today!