Reverse Home Loan Book

Home insurance is an essential policy to have, regardless of whether you live in rented accommodation, or are a homeowner. I have been unfortunate enough to have my mobile phone stolen previously, and was surprised and pleased to discover that my home insurance policy covered me.

Many years ago when I was a teenager, our family home was flooded, resulting in tens of thousands of pounds of damage to both the building itself and the contents, including carpets, curtains, furniture and the kitchen. Luckily my parents had both buildings and contents cover in their house insurance policy.

Many other families were not so lucky, and only had buildings cover, leaving them significantly out of pocket and without carpets or furniture when the building was reinstated. This experience led to my mum and dad ensuring they had adequate insurance cover for all eventualities.

Not knowing much about it myself, but having heard it in conversation, I looked into protecting my no claims discount on my home insurance, and discovered that this was possible after 4 years, and for a small increase in premium. The good thing is you don’t lose your no claims discount over small claims.

Throughout my student life I also had insurance for my room in halls of residence. Living on the ground floor, and witnessing local criminals breaking into nearby flats, I thought this would be a good idea. Luckily I was not a victim of crime during my student days, but it was good to know my home insurance covered me for this, just in case.

There seems to be insurance for a pretty much everything these days. Of course some of policies would be essential and some perhaps less so.

From my experience, house insurance, car insurance and travel insurance are always valuable to have. I have had cause to claim on each of them over the years.

I must stress the importance of being honest and accurate when providing information when applying for any insurance policy. As well as being fraudulent, it’s much preferable to pay a few pence more per month, for the peace of mind afforded by adequate home insurance.

By: John Finan

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