Don’t get too caught up in all the excitement of buying your first house – you might forget to budget for home insurance, which could leave you and your belongings at great risk.
According to The Co-operative Insurance, however, lots of first-time buyers actually do neglect to take into account home insurance when investing in their first property, with 47 per cent failing to budget for this.
Of the people who did take out insurance, 13 per cent said they underestimated the cost, while 28 per cent of new homeowners who’ve taken their first step onto the property ladder in the last five years don’t have home insurance at all… so over £1.5 billion worth of property is now at risk.
Another mistake that people seem to make is failing to have contents cover in place before moving all their possessions to their new home – we’d advise that you do sort this out before calling in the Blackheath removal specialists to help you relocate.
“As many first-time buyers are likely to have previously rented a property, their landlord will have taken care of their buildings insurance and therefore, they may not be aware of their responsibility to have this in place when becoming a home-owner,” head of home insurance with The Co-operative Insurance Caroline Hunter said.
If you’re not sure where to start, head to The Money Advice Service, an information portal with all sorts of guides to help new homeowners get going. Find out how to get the best deals on your insurance, plus how to choose the right policy for you.