House Insurance Comparison

Posts Tagged ‘New Homeowner’

Home Insurance Extremely Important

If you’re a new homeowner looking for the perfect home insurance Northern Ireland may not be the “insurance rich” country you hoped it would be. Home insurance is probably one of the most important types of insurance we can have. Without good home insurance coverage, we could catch ourselves homeless in the case of a natural disaster such as fire, flood, earthquake, etc.

If you live in Northern Ireland you may have struggled to find insurance for your car. Luckily, for residents, the situation has not been as drastic with home insurance. Northern Ireland does have insurance companies providing insurance for your most prized possession, including offering coverage on many risks.

Little Competition for Home Insurance

In Nothern Ireland there is only about nine home insurance companys. One reason for this small number is the high cost of starting up an insurance company in this country that has such a small insurance market. Many home insurance premiums are excessively high in Northern Ireland. One reason is the high rate of flooding and another is because the insurance companies have so little competition.

Flooding – A Major Risk in Northern Ireland

One of the vital risks to homeowners is the risk of flooding, which is very common in certain areas. The unfortunate thing about this is that the coverage for flooding is so expensive that those that need it the most are the ones that are dropping coverage because they can’t afford the premiums.

Another situation with home insurance companies that’s causing problems for many homeowners is that many insurance companies set a minimum on how much homeowners can have on their personal property. When looking for insurance it is important to take out enough insurance, however do not over insurance as this means you are paying for insurance that is not needed.

How to Get the Best Home Insurance Premiums

Many home insurance companies ask that you to pay a minimum excess (or deductible) before they’ll pay on a claim. Often when you pay more in excess your insurance premiums will work out cheaper. Consider getting a home insurance policy with a larger deductible and avoid making miniscule claims.

What is the zip code of the property? Is this home a new purchase? (purchased in the last 30 days or not yet purchased) Yes No Are you currently insured, or have you been insured in the last 30 days? Yes No

Improving the security around your home may also help you to keep down your insurance premiums. Your premiums will be lower if you install certain security items such as security system, alarms, door and window locks, fencing and security lighting.

What did I know about landlord insurance? To be honest, not much. But then I thought I should do some research and find out all there is to know about landlord insurance, as part of my short to medium term plan is to become a landlord. OK, so what do I need?

Well I began by typing in ‘landlord insurance ‘ into Google. No great surprises there but what I did find fascinating was the number of different providers of landlord insurance. As in all things in life, sometimes the more the choice, the more confusing the decision. So it appears with this scenario. Let’s try and simplify the buying decision somewhat. Ok, what are the key things I need to look out for when buying landlord insurance?

Well, it’s obvious that landlord insurance gives the best security to all property owners, who have rented their property. Here follows some step-by-step landlord insurance tips for all new property owners.

As a new landlord, you must be aware of the safety of your property. In this case, landlord insurance will give you the best security by covering any type of property damage. There are various types of landlord insurances for different areas. However there are some typical areas covered by landlord insurance . They include the guarantee of rent, legal protection and accidental damage coverage. It may also cover such standard perils as fire, lightning, explosion, earthquake, storm, flood and other malicious damage.

If you are a new homeowner, the following discussion will help you familiarize yourself with the various kinds of the landlord insurances.

Buildings insurance

For the new property owners, this policy is very essential. If you buy this policy, you will have coverage of the damages caused by fire, floods, burst pipes, mains damages and the similar occurrences. But in this case you should be aware that the policy will not include the loss connected with the contents of your property. If you have the valuable contents, then you have to go for contents insurance as well.

Contents insurance

This policy is important, if you have rented a fully furnished building. The landlord contents insurance will cover any looses related with the contents of your building. There are two kinds of the content insurances. If you buy a limited content insurance, it will be applicable only for unfurnished or only partly furnished properties.

Loss of Rent Insurance

This is typical insurance for all new landlords. If you have this policy, it will protect you from the loss of rent. It will protect you from the financial losses if your tenants refuse to pay the rent or some other unexpected happenings cause the loss of rent.

Emergency assistance insurance

This insurance is also helpful for the new landlords. It will be specially helpful for you, if you stay away from your rented property. An emergency assistance insurance will minimize your losses by covering emergencies like failing electricity supplies and cooking facilities, plumbing problems, leaking roofs along with guttering, and damage to doors and windows. Thus, if you have a landlords emergency assistance insurance, you will enjoy a far greater peace of mind.

Legal expenses insurance

This policy will minimize your losses by covering any legal expenses associated with recovering costs legally owed by your tenants or to legally evict them or to recover amounts for deliberate or intentional damage by them. In case your tenants refuse to pay the rent and you want to take them to the court. The legal expense insurance will pay the “Legal Expenses”.

Thus, you see that the landlord insurance is a good protection for all landlords. But if you are a new landlord, then the policy is even more important for you. Inspired by an original article by Greath Owen.