What types of insurance does a homeowner need?

When purchasing a new home, either for the first time or even if you’ve been through the process on many previous occasions, you will need to consider home and contents insurance. Along with everything else, the thought of having to bother with home and contents insurance is probably the least of your worries and very low on the radar. There is so much to think about; it’s an excellent idea to keep up with it all by visiting Sam Conveyancing and their regular  House Survey news and updates service on their website and mailing list.

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What types of insurance do you need? For the most part, this will be defined by you and what you own. The property is the key to what type of buildings insurance you get. The older the property, the higher the premium is likely to be. However, certain firms will specialise in this. For example, the big mortgage lenders would have looked to “upsell” buildings and contents insurance to you in the past. Whilst this makes sense and cuts down on time, you should shop around; you don’t have to go with the lender’s product. Most lenders insist on there being a Buildings insurance policy in place before they will lend.

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The other insurance needed is that of your contents. Again, this is either generic or bespoke, depending on your circumstances and the number of items you want to protect. Lenders do not concern themselves with this, and it’s generally not a part of the condition of the lending.

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