It may not be the first thing you think of when applying for a mortgage and moving house but arranging home insurance should be one of the top priorities on your to-do list. When it comes to choosing the best home insurance, there is more to consider than simply the cheapest price. Home insurance gives you the peace of mind that your family and home will be protected in the event of damage, theft or accidents. This guide will give you all the information to know what to look for and consider when purchasing home insurance. 

Buildings Insurance  

When applying for a mortgage, most lenders will insist that you have some sort of buildings insurance for protection. This type of insurance safeguards the bricks and mortar of your property if any damage was to be caused. It does not protect the land that your home sits on but rather the physical house if there were to be a fire, for example, a fallen tree or storm damage. Online rebuild cost calculators can give you a better idea of the level of coverage you will need and of course, an insurance advisor will also be able to help with such details. If you rent out your property, this is an essential form of insurance to have to protect your building and your tenants. 

Home Contents Insurance  

Home contents insurance is the other form of policy that most of us will take out when we have a home and belongings to protect. As the name suggests, home contents insurance protects the items in your home from theft or damage and is particularly important if you have a lot of valuables or important items. You can normally take out buildings and home contents insurance within the same policy to make things easier and all in one place. To get the best insurance deal for you, firstly work out how much contents insurance you need. A good way to do this is by going from room to room and making a list of all your valuables, from electronics to jewellery. Do not be tempted to underestimate the value of your items in order to get a cheaper deal as this could leave you out of pocket in the long run if you do need to make a claim. You can also look into additional coverage for circumstances such as being abroad. 

If you are a tenant or a student renting a property you should also look to take out contents insurance to make sure your possessions are protected. If you are living in student accommodation it may be possible to add your belongings on to a parent or guardian’s insurance policy so make sure to research the different options available to you. 

Tailor your policy to your needs  

The policies we have covered are the most common types of home insurance and for the most part, will cover all of your needs. However, depending on your property, there may be some other aspects to consider and you may wish to incorporate some additions to your policy. For example, if your home is older and a listed property, your insurance may differ and you will have to add on some extra protection. The same goes for aspects such as thatched roofs which are more liable to damage and harder to maintain. If your home is empty for long periods of time or perhaps a second home, remember to investigate policies that cater to these circumstances in order to find a suitable deal. 

An independent insurance advisor can also help you to find the best home insurance deal for you, they will have an unbiased opinion and not be affiliated with any specific company. They may also have access to some deals that you were not aware of so it could be worth using such a service. Finding the right home insurance is relatively simple as long as you take into account the levels of coverage that you need and find a policy tailored to this. 

Here at GPD Mortgage Solutions, we not only find the best home insurance for your budget but also the best insurance for your needs with a policy that is tailored to you. Get in touch today for more advice.