This is the question many homeowners are likely to be asking themselves at the moment. The economic situation is forcing many people with a range of financial commitments and obligations to find ways of reducing their monthly bills. Insurance policies are a popular target for this kind of belt-tightening, as they represent payments for things that may happen in the future at a time when people are very focused on what is happening right now. Despite this, the question people with homes and possessions that are valuable and important to them should be asking is: can I afford not to have home insurance?
What does home insurance cost?
The actual costs of a home or flat insurance policy will vary depending on both the company that you choose to go with, and the breadth of cover offered by your chosen policy. You will find that it is very possible to find good policies at reasonable rates, because the insurance market is such a competitive one forcing companies to come up with deals to attract and retain customers. Furthermore, while you can secure separate buildings and contents policies, it will probably be cheaper to get a single policy covering both areas.
Can you afford the costs of repairs and replacements?
If you do not have home and contents cover, you will have to meet the costs of any damage to your property or possessions, not just luxuries, but also essential items such as beds or the fridge. Therefore, it best when budgeting to work out whether you could afford to meet these costs if necessary, as otherwise you could find yourself having to manage without them for a period.
Where can you get home insurance?
If you are in a private home, the best option will likely be a major insurance provider, such as Endsleigh, with the internet offering price comparison sites to help you find a good deal. For those in properties owned by a Housing Association it may prove cheapest to secure insurance through them.