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Question by you_dancing: What insurances do i need to buy if i buy a home?
Im just wondering what insurances do you have to have to be a home owner, i know when i bought my house a few years back it was included in one big package with my morgage advisor but i am now looking to go else where for insurance as i feel i might get it cheaper. Im from Scotland.
Best answer:
Answer by martini_2076
Im not sure how the system works in Scotland, however chances are your “lendor” is required to give you the option of a) going with their insurer (normally written into your mortgage with an extremely outrageuos premium) , or b) selecting your own.
If you select your own, the insurance policy will be required to start at the “hand-over date” or the date you are handed the keys to the property.
Also you will need to ensure your covered for “legal liability” (eg: if the bloke next door falls into the hole I dug out front and sues me for the medical costs).
Most importantly with home insurance its important to ensure you keep the “Home’s Replacement Value” up to date with each renewal, chances are the home will increase in value over time, but your policy’s amount of cover wont unless you tell the insurer – some of the better insurers will offer “unlimited replacement cover” on your home (this is a good thing).
Talk to your bank mate and see what they can do but remember its your house and your money, dont just throw caution to the wind and let whoever cover you without asking the important questions first.
Hope this helps
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