First Time buyers- Don’t forget your Homeowner Insurance

Buying a home is probably the biggest financial investment you will ever make so it is worth taking the time to ensure you are protecting your property by purchasing a good Homeowner Insurance policy. Should the worst happen and your property was to suffer a fire or flood, you would become responsible for all the costs of repairing the property, as well as finding the money to live somewhere else whilst the repairs took place. If you didn’t have insurance these cost could leave you financially crippled on top of the obvious stress an occurrence like this would create. It is therefore essential that you take the time to buy Homeowner Insurance.

If you are planning to buy a property for the first time to rent to tenants, you will require landlord insurance to cover the property for similar perils, along with loss of rent cover if the tenant had to move out due to the property becoming uninhabitable through an insured peril following a big insured loss. It is important to get the right cover for the type of occupancy of the property, as this could affect a claim should the worst happen to your property.

As well as Landlord Insurance or Homeowner Insurance other associated costs are involved with buying a house for the first time. You also need to take the following costs into consideration:

• Mortgage repayment costs, and how these may fluctuate.

• Mortgage protection insurance for if you fall ill or lose your job

• Life assurance to enable your family to pay off the mortgage if you die

• Contents insurance against the risk of theft, fire, flood or other accidents

• Council tax and water charges, Gas, electricity, telephone, etc

• Ground rent and service charges may apply As part of the process of buying a house or flat you may also need to pay for:

- a solicitor or licensed conveyancer
- an independent survey
- the mortgage to be arranged
- the Land Registry fee

Stamp Duty if applicable

So all in all, there are a lot of costs to consider, but once you have made thorough calculations and made the decision to buy your property, you could get a great deal in the property market in the current economic climate. First time buyers could see their investment grow rapidly in the next few years in certain areas of the UK.

Don’t forget Click4Quote.com can give you free instant quotes over the phone or online, so why not give us a call to see what we can offer you for your Landlord Insurance or Homeowner Insurance. We have the facility to beat any like for like property quote for Homeowner Insurance and residential Landlord insurance, so we really can save you money when you really need it the most!