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3 Essential Insurance Policies For Owning Your First Home
If you're considering purchasing your first home or just made the big leap, have you considered how you are going to keep your new home protected? Here are a few home insurance policies you should consider. The following 3 home insurance policies are worth considering to help you keep your new investment safe.
HAVE YOU CONSIDERED WHAT IT MIGHT COST YOU IF ONE OF THE FOLLOWING WERE TO OCCUR TO YOUR NEW PROPERTY?:
- Theft
- Floods / Earthquakes / Storms damage it.
- Vandalism occurs
- Accidental damage
- Impact damage: E.g. Falling trees
3 HOME INSURANCE POLICIES TO CONSIDER
HOME & CONTENTS:
Home and Contents Insurance will help you by protecting the value of your property and the value of your contents; often including appliances, white goods, furniture and clothes that in your new property if something happens.
Why: Your home and contents are some of your biggest investments. Imagine for a moment the time you've taken to earn the money that was required to purchase your home and everything in it. In addition, first home owners who take out a home loan to fund the purchase of their first property are often required to take out insurance over their home to enable the loan to be approved.
Popular Provider: Budget Direct: http://bit.ly/2f77McC NRMA: http://go.nrma.com.au/2vLzZfr AAMI: http://bit.ly/2wGf5LO
Why: Your home and contents are some of your biggest investments. Imagine for a moment the time you've taken to earn the money that was required to purchase your home and everything in it. In addition, first home owners who take out a home loan to fund the purchase of their first property are often required to take out insurance over their home to enable the loan to be approved.
Popular Provider: Budget Direct: http://bit.ly/2f77McC NRMA: http://go.nrma.com.au/2vLzZfr AAMI: http://bit.ly/2wGf5LO
MORTGAGE PROTECTION:
It is extremely exciting to own your first home but also it is a big responsibility. By putting proper safeguards in place, such as mortgage protection insurance, you can have the peace of mind you deserve. Mortgage protection insurance can provide coverage of your mortgage repayments if you are unable to meet these payments due to an unfortunate event. Here are three times when Mortgage protection insurance could be useful:
- You find yourself involuntarily unemployed
- You are unable to work as a result of an illness or injury
- You pass away
A mortgage protection insurance policy ensures that mortgage payments will continue to be paid if you are unable to make the payments.
Why: Mortgage protection insurance provides peace of mind to you and can relieve your loved ones from financial hardship if you in a situation were unable to pay your mortgage payments.
Popular Provider: Aussie: http://bit.ly/2vmbXas
LANDLORD'S INSURANCE:
Buying your first home for rental income is another path you can take. Landlord's Insurance makes it onto our list of one of the essential insurance policies for owning your first home because renting an investment property without can leave you exposed to the risks associated with your investment.
Why: Landlord Insurance can covers both intentional & accidental damage to both the property itself as well as any contents (e.g. dishwasher) that have been included in the lease to the tenants.
Popular Provider: YOUI: http://bit.ly/2hmAGGo There you have it! 3 essential insurance policies; Home & Contents, Mortgage Protection and Landlord's Insurance, to consider when you've taken the plunge on owning your first home. These 3 insurance policies can provide protection of your assets, give you peace of mind and provide you financial stability. Learn more about managing your financial documents with: https://advisr.com.au/organise-financial-documents/ So off you go, enjoy your new property.
Why: Landlord Insurance can covers both intentional & accidental damage to both the property itself as well as any contents (e.g. dishwasher) that have been included in the lease to the tenants.
Popular Provider: YOUI: http://bit.ly/2hmAGGo There you have it! 3 essential insurance policies; Home & Contents, Mortgage Protection and Landlord's Insurance, to consider when you've taken the plunge on owning your first home. These 3 insurance policies can provide protection of your assets, give you peace of mind and provide you financial stability. Learn more about managing your financial documents with: https://advisr.com.au/organise-financial-documents/ So off you go, enjoy your new property.
Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Buying your first home for rental income is another path you can take. Landlord's Insurance makes it onto our list of one of the essential insurance policies for owning your first home because renting an investment property without can leave you exposed to the risks associated with your investment.
Why: Landlord Insurance can covers both intentional & accidental damage to both the property itself as well as any contents (e.g. dishwasher) that have been included in the lease to the tenants.
Popular Provider: YOUI: http://bit.ly/2hmAGGo There you have it! 3 essential insurance policies; Home & Contents, Mortgage Protection and Landlord's Insurance, to consider when you've taken the plunge on owning your first home. These 3 insurance policies can provide protection of your assets, give you peace of mind and provide you financial stability. Learn more about managing your financial documents with: https://advisr.com.au/organise-financial-documents/ So off you go, enjoy your new property.
Why: Landlord Insurance can covers both intentional & accidental damage to both the property itself as well as any contents (e.g. dishwasher) that have been included in the lease to the tenants.
Popular Provider: YOUI: http://bit.ly/2hmAGGo There you have it! 3 essential insurance policies; Home & Contents, Mortgage Protection and Landlord's Insurance, to consider when you've taken the plunge on owning your first home. These 3 insurance policies can provide protection of your assets, give you peace of mind and provide you financial stability. Learn more about managing your financial documents with: https://advisr.com.au/organise-financial-documents/ So off you go, enjoy your new property.
QUESTIONS? JUST ASK
Andy Jamieson
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Andy Jamieson, ABN 17 613 588 266
QUESTIONS? JUST ASK
Andy Jamieson
Comments (1)
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Mark
4 years agoHi! Interesting page :). Thanks for helping as we consider buying our first home.
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