House Insurance - Can You Afford Not To Have It?
Most people would agree buying a home is probably the biggest investment you'll ever make
. Not only does the average person spend a significant amount of money when they initially purchase their property, but most continue to spend money on it throughout their lives. Also, if you took out a mortgage to buy your home, you will have spent even more because of the interest charged.Ironically, it is estimated that approximately 25% of home owners are living without any form of home insurance even though cover is so affordable. Of course there probable are some who genuinely cannot afford it, but for many, it simply boils down to fact that they've been misinformed regarding the cost of home insurance. If only they would delve a little deeper into the subject, they'd soon discover there are several things one can do in order to keep premiums down.
Another common reason given is that the chances of your home being destroyed by a natural disaster are so remote; it hardly warrants paying for insurance all your life. To a great extent, this line of thought is perfectly understandable, but what about other calamities such as break-ins and vandalism? After all, it's not as if burglaries are a rare occurrence in the UK, considering a home gets broken into somewhere in the country every few seconds.
In fact, break-ins have become so common the police don't even bother investigating them in most cases. Instead, they simply hand you a copy of the police report which you can then give to your insurance company when you submit your claim. Unfortunately, if your home gets cleared out and vandalised by thieves, and you don't have house insurance, you'll just have to accept your losses. Hopefully you have enough money put aside so that you can get the place repaired and refurnished.
If you are contemplating getting cover, you do however need to realise that the insurance policy you take out won't automatically cover all the contents of your home. With that said, most people purchase contents insurance alongside building insurance in order to have complete peace of mind. Also, when you purchase both types of cover from the same provider, you always get a huge discount, and one which is simply too good to ignore.
Considering that even minor damage resulting from a break-in can cost a fortune to repair, over and above the cost of replacing anything that was stolen, getting house insurance should rank high on the agenda of any home owner. As mentioned earlier, there are several steps you can take in order to have your rates reduced, if you feel the quotes you received are too high. For example, invest some money in a good alarm system, have bars fitted on all your windows. Install a few smoke detectors, and also a fire alarm. If you still feel you're being asked to pay too much, go ahead and ask for your excess to be raised. Doing so will have a huge impact on the amount you pay for insurance, but don't be tempted to have it set too high.
Go ahead and shop around online for house insurance. The chances are, you'll end up being pleasantly surprised with just how affordable cover is nowadays.
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