Buying a new-build home is an exciting step. It offers the opportunity to decorate a house to your own taste and to benefit from the latest construction techniques and energy efficiency. However, it is also important to be well insured. This article discusses the essential insurances for a new-build home and provides tips for those buying a home together.
Buildings Insurance
Buildings insurance is mandatory when taking out a mortgage. This insurance covers damage to the house itself, such as the walls, roof, and foundation. For a new-build home, it is important to take out this insurance as soon as construction starts, so you are protected against any damage during the construction phase.
Liability Insurance
Although not mandatory, liability insurance is highly recommended. This insurance covers damage that you accidentally cause to someone else's property or that others cause to yours. This can be useful if, for example, a roof tile from your new-build home comes loose and damages a neighbor's car.
Contents Insurance
Contents insurance covers damage to your personal belongings due to events such as fire, burglary, or water damage. For a new-build home, it is wise to take out contents insurance immediately after delivery. This ensures that all your belongings are protected as soon as you move in.
Glass Insurance
Many buildings insurances already include glass coverage, but this is not always the case. Glass insurance covers damage to windows and other glasswork in the house. This can be handy if you have many large windows or special glass.
Insurance for Cohabitants
Life Insurance
Mortgage lenders often require life insurance. This insurance pays out an amount in the event of the death of one of the partners, which can be used to pay off the mortgage in whole or in part. This provides financial peace of mind and security for the surviving partner.
Conclusion
Taking out the right insurances for your new-build home is crucial to protect yourself and your investment. From the mandatory buildings insurance to additional contents and liability insurance, it is important to be well informed. For cohabitants, life insurance is extra important to ensure financial security. By comparing insurances and checking the terms and conditions, you can ensure that your new-build home is optimally protected.
