First Time Buyer Home Insurance Explained

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House Insurance
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First Time Buyer Home Insurance Explained
Buying your first home can be a daunting
experience and with a million and one things to
do its easy to overlook the basics. However, no
matter how hectic things get its essential to
arrange the right home insurance otherwise if
things go wrong you could be left seriously out
of pocket.
Recent research has thrown light on the
lack of understanding amongst first time buyers
surrounding certain aspects of the purchasing
process. Nearly half of those questioned admitted
they hadnt budgeted for buildings insurance when
calculating costs and a third were unaware that
buildings cover was needed to get a
mortgage. When it came to getting an insurance
quote over half guessed vital property details
and more worrying still one third arranged cover
with inaccurate details.
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Its an expensive mistake to make as rebuild
costs are usually significantly lower than the
property price and that means lower insurance
premiums. An accurate calculation of your
propertys rebuild costs should be included in
your surveyors report. While buildings
insurance is a prerequisite to get a mortgage
contents insurance provides a cost-effective way
of protecting your possessions against fire,
flood and theft. Buying your first home can be
financially taxing and nearly half of those
questioned didnt have contents cover, saying
they either couldnt afford it or they didnt
need it.
First time buyers often assume their mortgage
provider is best-placed to arrange house
insurance, and are surprised to find how easy it
is to find great deals elsewhere. As with all
financial products its important to shop around
and if you choose a reputable broker theyll do
all the hard work for you.
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Again the figures point to an unfortunate lack of
understanding, and perhaps if first time buyers
knew that the average home contained 55,000
worth of contents and the average policy cost
just under 2.50 a week, they might think
differently. If you are a first time buyer
looking for a great deal on your home insurance,
youll have to go a long way to beat Quote line
Direct. With over 45 years experience weve got
access to some great deals and our experienced
consultants can help with any tricky
questions. Source http//homeinsuranceindia.tum
blr.com/post/132662311452/first-time-buyer-home-in
surance-explained
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