Got your eye on a new pad?
Buying a new home is exciting, but it can be an anxious time too. There's a lot to organise, particularly if you're buying for the first time. Start by giving yourself a checklist and remember that your solicitor and estate agent are there for your questions.
Insuring your new home
Home insurance should be at the top of your checklist. If you have a mortgage your lender will usually insist you have adequate buildings cover as it covers the structural integrity of your home. It will protect you against things like floods, fire and subsidence and ensure that should the worst happen and your house needs repairs or a rebuild, you are covered.
Mortgage companies may offer you their own insurance, but you’re not obliged to take it. Comparing home insurance policies may save you money – and that’s where we can help.
Things to remember…
- You need to insure your new house from the day you exchange contracts, not the day you move in. You may need to overlap on insurance if you still own your previous property too, but again there’s no requirement to stay with the same insurer and you can often save money by comparing and switching- on average £96 a year.
- If you’re buying a leasehold property, you probably don’t need to take out buildings insurance as the freeholder is responsible for the overall structure. It’s worth checking with your solicitor though.
- Whether you’re insuring the outside or not, you do need to insure your contents. It’s often tricky to know how much to cover your contents for, but try estimating the cost of replacing all of your belongings including white goods, furniture, technology and clothing.
- Moving house is a good time to review your other home costs too. Lots of people inherit their energy provider with the house and stick with their current broadband provider, but services and costs change and so it’s worth doing a quick comparison. Average energy savings can be as high as £325 and you can get great deals on superfast broadband year ’round.