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Insurance For The Home
Probably the most important purchase you will make in life is your home, not only in terms of it being the most expensive but because it is likely to contain everything you hold dear, namely your family and most of your possessions. For this reason making sure it is protected should be high on your list of priorities.
Whether you rent your home or own it outright you will need to ensure you have contents insurance to protect your belongings. The price of your contents insurance will depend on the how expensive your possessions are, and most insurers would ask you for a general value that will cover everything in your home, from the washing machine and sofa to your clothes and bed sheets. An important thing to remember is to review the value of your insurance regularly. Many people think that once they are insured that’s all that’s important, but as the years go on you will acquire more possessions and what you have will cost more to replace. You should regularly review the amount you insure your possessions for to ensure you are adequately covered should the worst happen.
If you own your home then you will also need to insure the building in which you live. Buildings insurance covers the bricks and mortar of your home should your house be damaged or destroyed and need to be rebuilt. Many insurance companies bring together buildings insurance and contents insurance to create one ‘home insurance’ policy. Remember to always check the insurance policy when you get the quote what exactly your home insurance quote covers as some companies just refer to buildings insurance as home insurance.
Taking out a mortgage to buy a house is the way most people afford to buy a home. When you take out your mortgage most mortgage companies will want you to take out a number of insurance policies to protect your mortgage payments and ultimately your home. Not all of these insurances are necessary and it is worth consulting a separate insurance broker or financial advisor who can give you unbiased advice on which are necessary for you. These insurances include:
Life Insurance – in the event of your death a life insurance policy will pay off the mortgage so that your family, and more specifically your dependants, do not need to worry about keeping a roof over their heads.
Critical Illness Insurance – if you were to be struck with a critical illness that meant you had to stop work, critical illness insurance will ensure that your mortgage payments and living expenses are met, subject to the terms and conditions of the policy.
Income Protection – this insurance ensures that your mortgage will be paid if you are made redundant or otherwise unable to earn an income to pay the mortgage. Income protection insurance does vary from policy to policy so you need to ensure you get a policy that meets your particular circumstances.
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