Six Reasons Why Home Insurance Is Important

Having the right insurance in place can save you many sleepless nights when it comes to your home and your finances.

It’s likely that your home is the biggest financial commitment you’ll ever make, so it’s only natural to want to protect that. By taking out the appropriate insurance, you’re safeguarding your home and your belongings against whatever life might throw at you.

Here’s 6 key reasons why it’s important to get home insurance:

• Financial Protection
If your home was damaged or you had possessions stolen, how could you meet the cost of repairs or replacements?

• Obtaining a mortgage
Most mortgage lenders insist on buildings insurance cover being present before they’ll give you the mortgage – naturally a lender will want to protect their financial interest by making sure the property is insured against damage.

• Accident Cover
Home insurance policies are ideal to protect you against damage – whether that’s a spillage on a new carpet or a DIY project gone terribly wrong, accidental damage cover can help pay out for replacement or repair damage to your property.

• Alternative Accommodation
It’s the stuff of nightmares – but what if a fire or flood damaged your property – your house may be damaged to the cost of tens of thousands of pounds, and you and your family could find your house is unhabitable for a period of time – where would you live in the meantime? Many home insurance policies include cover for alternative accommodation to help in these key times.

• Home Emergencies
Many insurance policies can give the option of 24hr emergency cover – if you get a burst pipe or a window is smashed in a burglary, you can get it fixed fast with access to a trades person appointed by your insurance company.

• Replace New For Old
Possessions such as laptops or TVs for example, will likely be worth a lot less now than when purchased new – but if something happens to them you’d want to replace with new versions. New for old insurance cover allows this to take place – check your cover when taking out your policy.

However, with so many home and contents insurance policies out there, if you pick the wrong one then there’s a real danger you could find yourself underinsured or out-of-pocket should the worst happen. It’s always worth speaking to a trusted mortgage and insurance adviser first before finalising your policy agreement – and their expertise will help you find the right policy for you.

Cox & Flight Financial Solutions Ltd is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Cox & Flight Financial Solutions Ltd registered in England and Wales with company number 13246868. Registered Office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
There will be a fee for our services, the exact amount will depend on your circumstances and precise details will be given to you on initial enquiry and you will not be expected to proceed until you have had the fee details in writing and have agreed the fee amount but we estimate it will be £499.

The Financial Conduct Authority does not regulate some forms of buy to lets, commercial mortgages, secured loans, unsecured loans, bridging loans, trusts, overseas mortgages, and conveyancing or debt management.