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Home and contents insurance
Consider this. You have just bought your first house with the aid of a 100% mortgage and have moved in all your possessions and family. One week later you are burgled, or a fire from a faulty electrical appliance causes a fire and burns down a large section of your new home along with your bought or H.P. belongings in that part of the house, or bad weather conditions blow the slates off your roof.
What are you going to do? Will you have enough savings to replace everything and, or have
the cash to get the builders, roofers, plumbers and electricians to carry out the necessary work to get your new home back into a liveable condition?
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Probably not, and we know this because you have just applied for and received a 100% mortgage because you didn't have a deposit for the mortgage. You need to consider home insurance, contents insurance or buildings insurance.
Home insurance
Home insurance is sometimes referred to as household insurance and is designed to cover you in the unlikely or serious event that can sometimes befall home owners. You will find two distinct policies available to you and we highly recommend that you cover yourself with at least one of the policies. The main home insurance policies available are buildings insurance and contents insurance.
The home insurance referred to as buildings insurance will cover the actual bricks and mortar of your property. So for instance, high winds damage your roof, if it is not classed as an act of God, your buildings insurance should cover the cost of materials and labour costs to amend the damage received.
Contents insurance
This type of insurance will cover your actual possessions inside your home, so, if you are unlucky enough to be burgled and all your electrical equipment, jewellery and other valuable possessions disappear, contents insurance will help you get them replaced.
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