Home Insurance Guide: What Do I Need?
Whether a first-time buyer or an existing homeowner, home insurance is one of the main things to consider when moving into a new property. This guide explores the different types of home insurance, as well as their pros, cons, and costs.
Do I need home insurance?
Home insurance is not legally required, but it is highly recommended. It protects you in the event of damage to your property and belongings. This could be due to:
• Fire, floods and storms
• Vandalism
• Frozen or burst pipes
• Subsidence and heave
• Fallen trees or lamp posts
• Fire, floods and storms
• Vandalism
• Frozen or burst pipes
• Subsidence and heave
• Fallen trees or lamp posts
What types of home insurance are there?
Buildings insurance
This covers structural damage to your property, including the roof, walls and floors. It also covers damage to permanent fixtures and fittings like kitchen units. It's not mandatory, but your mortgage lender usually requires it.
Contents insurance
This protects you from loss or damage to personal possessions in the event of a fire, theft, flooding or similar. It's entirely optional.How much does home insurance cost?
The cost of home insurance varies depending on the type you opt for:
• Building insurance costs £111 a year on average
• Contents insurance costs between £59 and £66 a year on average
• Combined building and contents insurance costs between £145 and £152 a year on average
• Building insurance costs £111 a year on average
• Contents insurance costs between £59 and £66 a year on average
• Combined building and contents insurance costs between £145 and £152 a year on average
How can I reduce the cost of home insurance?
There are several things you can do to reduce the cost of your home insurance, including:
1. Improve your home security
2. Increase your excess*
3. Pay annually
4. Compare quotes
*An excess is the amount you pay towards the overall cost of an insurance claim.
1. Improve your home security
2. Increase your excess*
3. Pay annually
4. Compare quotes
*An excess is the amount you pay towards the overall cost of an insurance claim.
When do I need to get home insurance?
Your building insurance should start from exchange contracts, as this is when you're legally bound to buy the property.
Ready to find your perfect property? Explore our modern new build homes and apartments in London and home buying offers to help you move. Discover Deposit Boost and Deposit Unlock if you're a first-time buyer, or Part Exchange and Movemaker for existing homeowners.
Visit or call our Sales Advisers today to become a homeowner.
Ready to find your perfect property? Explore our modern new build homes and apartments in London and home buying offers to help you move. Discover Deposit Boost and Deposit Unlock if you're a first-time buyer, or Part Exchange and Movemaker for existing homeowners.
Visit or call our Sales Advisers today to become a homeowner.
