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Congratulations on the purchase of your new home. This represents
a serious investment on your part and you are probably not in the mood for any
more spending, but there is something else that you will have to look into and
that is home insurance. This single item will have an additional impact on your
monthly expenses, but there are a few other things that you will have to deal
with, some of which are outlined below.
Home insurance – If you
purchased your home with some type of mortgage, you are probably already paying
a home insurance plan that was required of you by your mortgage company. You
will want to make sure, however, that the plan you have signed up for is enough
to cover any losses to your property that may occur. Keep in mind that most home
insurance plans typically impose limits on the amount of cover for items such as
jewellery, so you may have to purchase additional cover for them.
Buildings and contents insurance – This
is an additional type of cover for your home that specifically covers the
structure of the house and its contents (the value of which is agreed
beforehand). Some insurance plans do not provide cover for damage that may
occur due to flooding. Check this carefully even if you do not live near any
large body of water.
Fire cover is always included but the terms vary from company to
company. Check what is covered, particularly whether alternative accommodation
is provided whilst your property is being repaired after a fire.
For more comprehensive information on home insurance, and to get
a quote, try Legal and General.
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