Need a home insurance?

ggyyree

Hi smart guys,

We are a couple from abroad and just move in to the UK. And also just purchased a house. We are wondering if it is 'mandatory' or 'necessary' to buy a home insurance.

1. As it is really very very expensive to get a home insurance. We are wondering if it is worth to pay that.

2. If it is really something wrong with the property in the future, e.g., the house starts leaking somewhere or the outside wall get some cracks, will the home insurance cover these kind of things? Will it be really hard to ask the insurance company to pay these?

I know someone bought an insurance for his mobile phone. When it got stolen, the insurance company asked lots of documents and even police record when he phoned them to claim the money. It takes really a long time to argue with the insurance company and get the compensation.

Also, I think the insurance company always have some dodgy policies that they won't pay you easily when you really have some problems.

3. Also if your house get burned down, will they really pay you the loads of money to rebuild? Every time I went to the insurance company, they told me that my house would burned down bla bla... but why my house should be burned down? Also, will it be straightforward to get the compensation?

4. My last question is: should I buy the home insurance in a bundle like every bank does or should I buy them separately from different companies.

For example, my bank offers an insurance to cover the building and contents of the house (around £1,500 a year).

But there are also some company only do insurance for contents, some only do the covering of the outside wall, and some only do the conservatory.


Please also advice me some cheaper home insurance providers or policy you think very good. Thanks so much.


A.

InsideInsurance

1) There is no legal requirement to have home insurance however if you have a mortgage then most mortgages require you to have adequate buildings insurance (but the contents remains optional)

2) Insurance covers, generally, specified perils (eg fire, flood, subsidence) but not general maintenance or wear and tear. So if there's a big storm that rips off the roof then yes it would be covered but if you are talking about water damage coming in because of roof being old and needing replacing then it wouldnt be.

3) They wouldnt pay you "loads of money" but would pay the rebuild cost up to the limit you've said on the policy

4) Get quotes from a variety of sources and choose the best value deal for you. Home coverage is complex so dont just shop on price alone

hethmar

And dont forget the contents insurance too. If you are living in central london, it will be expensive but then the chances of being burgled are high.

Try a comparison site like moneysupermarket.com

http://www.moneysupermarket.com/