{"id":7223,"date":"2017-11-26T23:00:51","date_gmt":"2017-11-26T23:00:51","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/a-first-home-owners-guide-to-home-insurance\/"},"modified":"2020-09-12T22:29:23","modified_gmt":"2020-09-12T22:29:23","slug":"a-first-home-owners-guide-to-home-insurance","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/a-first-home-owners-guide-to-home-insurance\/","title":{"rendered":"A first home owner\u2019s guide to content and home insurance"},"content":{"rendered":"

Which home insurance company is the best ? See guide to content and home insurance for first time\u00a0 homeowners .<\/h1>\n
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Buying your first home is one of the most exciting and overwhelming events you\u2019ll ever experience, and it starts well before you sign on the dotted line.<\/strong><\/p>\n

From saving up your deposit, to deciding on whether you\u2019ll build a new home or buy an existing one, there\u2019s heaps to do prior to your settlement date.<\/p>\n

One of the most important things to get in order early on is your home insurance<\/a>. More than just protecting your most valuable asset, the right home insurance policy can also help you sleep at night.<\/p>\n

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Buying your first house is an exciting event \u2013 and it starts well before you sign on the dotted line. Picture: Getty<\/p>\n<\/div>\n

If you\u2019re in the market for your first home, wrap your head around home insurance<\/strong> first with this quick and simple guide.<\/p>\n

What\u2019s the difference between home and contents insurance?<\/h2>\n

An easy way to think of house and contents insurance is that house insurance (also known as building insurance) protects the bricks and mortar, while contents insurance protects all the things inside that make it a home.<\/p>\n

In particular, home insurance is designed to protect your home against damages to the house itself, and may also provide liability coverage in the event of an accident in the house or on the property. If you are taking out finance for your house, most lenders<\/a> will require that you have home insurance effective the date that you sign the contract to take ownership of the house (more on this later).<\/p>\n

Contents insurance protects against theft, damage or loss of your possessions resulting from a range of insured events. Although contents insurance is not essential, it\u2019s a smart thing to have in the event of a burglary or fire, or just for peace of mind. It could also come in handy while you\u2019re moving into your new house. Some content insurance policies even offer<\/a> a level of cover for your contents if they\u2019re lost or damaged due to a motor accident or fire whilst in the truck of a professional removalist.<\/p>\n

Often insurers will bundle home and contents together for you, for total peace of mind.<\/p>\n

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Contents policy protects all the things that make your property a home \u2013 even including pets. Picture: realestate.com.au\/buy<\/p>\n<\/div>\n

When do I need to take out home insurance?<\/h2>\n

Although you might think to start your house insurance policy on settlement day, this could put you in a dangerous situation. House insurance should actually be effective from the date you sign the contract for the house. At this time, you take a legal interest in the property and should protect it accordingly. There is every chance that the current vendor of the property does not have adequate insurance, or cancels their insurance during the settlement period. In either of these situations, your house would not be covered in the event of a fire, flood or other damage, unless you have taken out house insurance as the owner of the property.<\/p>\n

If you don\u2019t have any house insurance in place by the date that you sign the contract for the house, you may be obliged by your lender to take out a tentative policy of their choice, until you are able to provide them with details of your chosen insurer. This could result in you having to pay more than you would if you had shopped around for house insurance quotes beforehand.<\/p>\n

Your best bet is to look into house insurance the moment you consider making an offer on a property. That way, once your offer is accepted, you\u2019ll be able to organise your own policy quickly and avoid paying a higher premium than you need to.<\/p>\n

What information do I need when getting a home insurance quote?<\/h2>\n

When you\u2019re obtaining house insurance quotes, you\u2019ll need to provide your potential insurer with accurate information about your new house. Any incorrect details could have consequences down the road when it comes time to make a claim, and they could also result in a higher premium than you should be paying.<\/p>\n

Here are some of the common questions most insurers ask that you should be prepared for. If you don\u2019t know all the answers, ask your real estate<\/a> agent or solicitor to find out on your behalf.<\/p>\n