Like the name implies this insurance policy is a safeguard policy on your home and its fixtures and fittings in case of any disaster like fire outbreak, flood and storms etc.
It becomes compulsory if you already have a mortgage running as you lender will ask for proof of this insurance cover before releasing the mortgage loan funds, but if your home is leasehold then your land lord is responsible for arranging the policy which you, on agreement with him, can pay him later through service charge.
Examine carefully the buildings and contents insurance policy options that are available to you through your lender.
At times their policies are more expensive than other companies so do not limit your choice on them, shop for these policies also in other companies, you may get better deals.
You may be able to save more if you search in other markets especially if your home is big, you are likely to save more because big homes are looked at as better risks so insurance companies concentrate more much more expensive houses.
It is possible to save between two hundred and six hundred dollars yearly.
This can become your basis for any other future investment.
Here is a tip if you already have insurance coverage running on Life and/or Auto with the same insurance company.
You may be given a preferential rate but remember that premiums are always calculated in line with your previous claims history, your post code, the nature of what you are now insuring and the sum total of the insured.
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