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Insuring your home
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Posted On :
Jul-09-2009
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Article Word Count :
464
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There are many home insurance products available, and it is important to consider your needs before just going for the cheapest possible deal.
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There are many home insurance products available, and it is important to consider your needs before just going for the cheapest possible deal.
Most mortgage providers will require you to have buildings insurance to cover the cost of rebuilding your home in case of disaster. Mortgage companies lend you money in the knowledge that if for any reason you fail to make your payments they can take your house as an asset, so for this reason they will insist that the asset is insured.
You should make sure that your buildings cover includes the cost of alternative accommodation in the event that your home is uninhabitable. It is also worth checking whether the policy covers the cost of rebuilding or if it gives the market value of your property.
As well as the actual structure, buildings insurance covers the permanent fixtures of your home, such as your bathroom suite, fitted kitchen and decorations. Essentially, anything that you could not take with you if you moved home will typically be covered by your buildings insurance.
The things in your house that you would typically take with you if you moved, such as furniture, electrical equipment and clothing, need to be covered by separate contents insurance. Your mortgage company will not require you to have contents insurance, but a basic policy will be inexpensive and could be the difference between a minor inconvenience and a major financial problem.
If you have any particularly expensive items in your home they may not be covered by a standard contents insurance policy. On the other hand, some policies will even cover you in the event that someone is injured in your home due to some failure on your part to maintain the property.
As with buildings insurance, the cheapest policies are not always the best value. Cheaper policies will only give you the market value of the goods that you need to replace, not what it will actually cost you to buy new replacements. So unless you would be happy to replace a damaged couch with a second hand one, you may wish to pay a little extra.
Contents and Buildings insurance will both normally cover you for damage or destruction of your property by flood, storms, fire, theft and vandalism, but higher levels of cover are available if you feel that it is necessary, for example accidental damage. If you have children in the home this can be very useful and well worth the extra premium.
There are a number of price comparison websites that will help you to find the best deal for you, and with so many different products available you are sure to find a policy with the appropriate level of cover to meet your needs.
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Article Source :
http://www.articleseen.com/Article_Insuring your home _1655.aspx
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Author Resource :
It only takes a few moments to get our home insurance quotes online with Kwik Fit Home Insurance.
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Keywords :
home insurance,
Category :
Finance
:
Insurance
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