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First time buyers are under-insuring their homes

New studies report that one of the biggest insurance mistakes first-time buyers make when purchasing a home is under-insuring their property and its contents.

According to research, one in five first time buyers, between the ages of 25 and 34, (20%) are underinsuring their homes, leaving their property and belongings at risk, as they admit to purchasing either buildings or contents insurance, rather than the two combined.

The worrying findings suggest that first-time buyers are not making insurance a key priority when purchasing their first property. A lack of understanding about the complex purchasing process could be a reason as to why so many are overlooking insurance and, as a result, failing to protect themselves adequately.

It’s important to have buildings insurance in place for when you exchange contracts as that’s when you become legally responsible for the building; so if there’s a sudden fire or other damage, you’ll have pay the costs even if you haven’t moved in yet.  It is also wise to have contents insurance in place starting from the day you move your belongings into the new property (so arrange it before).

How can we help you?

If you are purchasing a house and need a quotation, or your renewal is coming up soon then please contact us by one of the following methods:

We do everything we possibly can to check that we have got our facts straight, but it’s always possible that we could make a mistake (hopefully not or never would be better). Therefore we would like to make you aware that we accept no responsibility for information that may be factually incorrect or out of date, but we will do our best to make sure that all content is accurate. Our vision behind bringing the blog to the wider community is to keep our clients and prospective clients informed of their legal requirements, the different products on offer and how they may benefit your business and the new schemes we find which we think will benefit you.

We are Personal and Commercial Insurance Brokers based in Newquay covering the whole of Cornwall and the UK.

Sources: Property Reporter and Broker Network