Moving home is a costly event, not only is it the most expensive purchase anybody makes in their lifetime, there are all the extra costs involved. So Admiral is reminding anyone planning to move house to budget fully for everything, and that includes home insurance.
After legal fees, a survey, mortgage arrangement fee, searches, stamp duty and removal fees have all affected your bank balance, it’s easy to forget to budget for insurance. But you’ll need it to get a mortgage and you’ll want to make sure you are covered adequately to prevent any shocks in the future.
A typical family, buying a £200,000 house can expect to pay out nearly £3,500 in fees before they even have the keys to their new home. The costs are as follows:
Legal fees - £450 + VAT
Survey - £350 + VAT
Mortgage arrangement fees - £450
Searches - £150
Stamp duty - £2,000
Thankfully home insurance is one thing homebuyers can shop around for to get a good price. In this case, they could get home and contents insurance for between £317 and £488. This takes the total cost of moving to £3,795.
Insurance provider |
Annual premium |
Excess |
Admiral |
£317 |
£50 |
Budget |
£351 |
£50 |
More Than |
£406 |
£100 |
Tesco |
£459 |
£100 |
Nationwide |
£488 |
£50 |
Quote based on a married couple aged 38, living in Portsmouth (PO2). Buildings blanket £400,000, contents £40,000. Cover away from home £2,000 plus bicycle cover.
Admiral managing director, Sue Longthorn, said, “Home insurance is often the last thing on the mind of somebody moving house, but it’s necessary for them to include it in their budget.
“The best advice I can give to anyone moving home is to take an hour getting a number of quotes to make sure you get the best price for your personal needs.”
In Which? magazine’s home insurance issue, January 2007, Admiral was listed in all 6 Best Buy lists for Sum Insured policies.
Issue date: 05-03-07
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