Protecting your home

Buying your first home is one of the most life changing events; or some, it's the first step towards being an adult. An important asset that needs protecting in the form of insurance.

You pay an insurance company a regular amount, called a premium, to cover you against unforeseen events, also known as risks, like for example theft or a fire which can cause major setbacks. How much you pay, depends on what you insure and the risk it will be exposed to. If anything you insured is damaged, lost or destroyed, your insurance will help to replace it or pay for repairs .

Household contents insurance covers everything in your home. Homeowner's insurance covers the structure of your house ' usually equal to how much rebuilding it would cost. If someone sues you for damages, like a postman bitten by your dog, personal liability insurance provides cover in the event that you are sued.

All risks insurance protects items you could lose away from home. Personal accident insurance provides cover where you or family members become disabled or die as a result of an accident.

You can buy insurance from insurer or through a specialist like a broker who will give you advice and provide you with quotes. Either way, be honest and accurate. If not, you might end up with a rejected claim. Insure for less than the real value of anything and the insurer might pay out only a percentage of your cover.

Either way, be honest and accurate. If not, you might end up with a rejected claim. Insure for less than the real value of anything and the insurer might pay out only a percentage of your cover.

Pay premiums promptly so your policy doesn't get cancelled. With some insures you may be able to obtain a lower premium by increasing your excess, the amount you're willing to pay yourself. Improve your home security - less risk means lower premiums.

If you have to claim, do it as soon as you can and report accidents or crimes, like a robbery, within 24 hours.

There's a lot to consider before you insure. An Old Mutual adviser has the expertise to help you get the best possible cover. Why not speak to one to help you find out the best insurance options for you.

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