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Insurance
A house is the biggest expenditure most people will have therefore it is common sense to safeguard it by taking out insurance to cover all eventualities.
Most mortgage lenders will insist on a buildings insurance – this would cover the cost of repairs or rebuild of a property. It would also cover the roof, fencing and permanent fixtures and includes fire, burst pipes and floods.
Contents insurance is for possessions in the home and garden. If claiming insurance companies will give the item cost less wear and tear unless it is a New for Old policy when replacements would be made. These insurances cover for theft, fire and accidental damage.
Life Insurance is something also worth considering when taking out a mortgage as this will cover costs if the mortgage holder should die or be diagnosed with a terminal illness.
• Life policy premiums are calculated on age, gender and medical history.
• Shop around for insurances prices differ from company to company
• Remember to add premiums to monthly costings
• Check excess before making claims, small claims may not be beneficial
• Keep insurances updated
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