First time buyers - Home Insurance
an excellent deal it comes to Home Insurance
First Time Buyers – Your home insurance
Your mortgage lender will usually insist on seeing your certificate of insurance for your new home before they release money to you. This is done so that they know that the property that their loan (i.e. your mortgage) is secured on is safe from damage. As there are so many things to do at once it is often easier to take your home insurance from your mortgage lender, but often you wont get anything like the best deal available. At the time this might not seem too much of a problem - you are after all in the process of spending a huge amount of money - but why pay over the odds for this cover when specialist independent providers can insure your property for less? Once you start living with your mortgage payments, and all the bills, you will be glad of the savings you made each month by insuring your home through a specialist.
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Your home insurance
As a first time buyer you will not have any no claims bonus available to you, which means that your premiums could be quite high - in later years no claims discounts on your home insurance could mean 30% reductions in your annual premium - so some firms, including Home-Cover.com offer a special first time buyers discount or 10%, equivalent to one years no claims bonus. This will be included automatically in the quote [link here/call to action] we give you.
As a buyer you will have a surveyors report and an indication of the value of the property from the mortgage lender. These documents will normally have a value in them that they firms recommend that you insure your buildings for. You should find this value and use it when you are getting quotes - it is important to not insure your house for it's market value, as this will typically be much higher than the re-build cost. You should bear in mind that if the house had to be rebuilt then you would already own the land that the house is to go on, so a large portion of the property value doesn't need to be insured – a lot of the value of the house will be based on the 3 cardinal rules of house buying:
You can get a quote for first time buyers home insurance online from Home-Cover.com.
First Time Buyers
From a financial viewpoint the principle areas of interest relate to the following: