Is Cheap House Insurance A Possibility?
Many people are very sceptical when the words 'cheap' and 'insurance'
are used in the same sentence, yet it is possible to get house insurance which offers value for money.Having said that, please remember that the cheapest does not automatically mean that it is not the best. House insurance can be a mine field for new home owners, so understanding insurance is important.
When you look around for insurance for your new home you should look at affordable house insurance, affordable when measured against the value you will get for the money you will be paying. Simply grabbing the first cheap product that catches your eye could mean you are going to be let down badly when you are most in need of that insurance cover.
This is not to say that cheap house insurance is not as good as other house insurance. It just means that it often becomes cheaper because certain aspects have been left out. Check out what you are getting in terms of the type of insurance you are seeking. Always work on asking if you are not sure.
A Non Negotiable Need:
For most people, the houses they buy are the biggest single investment they make and they must safeguard that investment. Most homes are bought with a mortgage and mortgage lenders will usually insist that a lender insure the building at least. There are of course contents insurance as well that must be looked into. It is understandable that no mortgage lender is prepared to advance the loan as all homes are subject to storm damage, flooding, fire and even subsidence.
They are basically covering themselves for the risk they take in giving you a mortgage loan. Where does this leave one though with the need to find house insurance to safeguard that new home? There are no rules that state that you must take whatever home insurance your mortgage lender offers you. It is your right to approach any other insurance provider that may be able to provide you with affordable and adequate house insurance.
Do Your Homework:
Do comparative shopping to get cheap house insurance that fully covers the rebuilding costs of your home in the event that it is destroyed. Never fall into the trap of trying to save money by under insuring the home as you will end up with compensation that is not sufficient to rebuild your house.
Take your time in getting affordable insurance that gives you all the cover you must have. Compare different insurance companies as well as different products. Look at every incentive the companies offer such as a lower rate if you do building insurance and contents insurance through them.
Mitigate The Risks:
You can make insurance more affordable through lower premiums if you safeguard the house against theft with a security alarm system, smoke detection alarms and upgrading access control. These factors can greatly help in getting claims free discounts that make insurance more affordable.
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