Save time and money on insurance with your first home

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Anything which saves you money when you’re buying your first home is welcome – if it can save you time too? Well that’s just a great bonus

 

It’s one of the most exciting times in your life. You’re about to step onto the property ladder and buy your first home. But it’s also likely to be one of the most stressful; the expenses can mount up – as can the time invested – and it’s not easy to keep track of it all.

When it comes to insurance, anything you can do to save some time and money helps. Research shows the majority of people don’t fully understand home insurance, especially when starting out. It’s very easy to pay more than you need to and forget important items.

Noel Summerfield, head of Home Insurance at Admiral, said:“There are a lot of things to remember so, perhaps it’s no surprise sometimes there are one or two things which slip people’s minds.

“For a lot of people it will be the first time they need to buy home insurance which not only covers their contents but their buildings too.”

Save time with home insurance

Arranging insurance can take up a lot of time and effort. If you’ve been renting – the chances are you’ve already got contents insurance. Once you buy a home, you might want to add buildings insurance on top.

Now, let’s look at car insurance. Let’s say you’re buying a house with your partner. If you’ve each got two cars, that’s two more insurance policies to keep track of. The time spent on each policy quickly mounts up; each one takes time to arrange and manage. With separate payment and renewal dates, there’s a lot of information to remember.

Wouldn’t it be great if you only had one renewal date for your car and your home? With Admiral you’ve been able to do that with your cars on a MultiCar policy for a number of years, but now you can do it with your home too. MultiCover is a great way to combine your home and car insurance policies into one package. You spend less time talking to us, and have fewer details to keep track of, freeing up some valuable time for you.

Beware of offers from your bank

Your bank may well make home insurance a condition of their offer, but what’s more, many will try to steer you towards their own insurance products. At a time when you have a lot on your plate it often feels easy to take their offer and have done with it, but the chances are you can get a better deal if you shop around.

They’ve been known to pile on the pressure on people to take a deal. For example, sometimes they insist on checking your policy to make sure it gives the right kind of cover. Some have been known to also charge a fee for not taking their insurance. It’s all part of an attempt to push you towards selecting their policy. Stick to your guns and take time to find the policy which works best for you – it may be the bank offers the best deal but it’s still best to compare your options.

Save money on home insurance

You’ll also want to save some money on your new home insurance policy. After all, buying a house is expensive and if there’s any time you’re likely to be short of money it’s now. The good news is there are ways to save money. Here are three simple ways:

  1. Combine policies: it can save time, as we mentioned before, but it’s also a good way reduce the cost of a home insurance policy as you will get a guaranteed MultiCover discount.
  2. Install security: visible security systems can be off putting to burglars, reducing your risk of a break-in.
  3. A higher excess: this is the amount you pay towards the cost of a claim. A higher excess could mean lower premiums but you should always make sure this is something you’d be able to afford in the event of a claim.

Ultimately, it’s all about making the process as affordable and stress-free as possible. Arranging home insurance for your first home can be stressful, but with a little preparation it’s easier than you might think. For a little more help, why not read our complete guide to buying a new home?

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