You will need to take out new build home insurance from the day you complete your sale. When you are exchanging contracts, this is the time to buy insurance. This is because from this date, the property is legally yours.
New build home insurance is a comprehensive safety net that protects both the structure of your property and the belongings that make it yours. While structural warranties provide good cover, buildings and contents insurance offers an extra layer of security and peace of mind.
Essentially, it protects the core structure of your home, including permanent fixtures and fittings. For example, your kitchen countertops would be covered, as would the state-of-the-art appliances in this room. The same would apply to your bathroom’s modern fixtures; all of these elements would fall under your buildings insurance cover.
With building insurance, you would be protected from unpredictable events that could affect the stages of building a house, such as flooding, storms, and fires. Fortunately, buildings insurance will act as a shield in unexpected circumstances, providing you with financial security when you need it most.
Contents insurance covers all of your household goods, valuables, and possessions. This means if your belongings are damaged, stolen, or destroyed in the event of a theft, natural disaster, or accident, you’re covered for the financial support needed to repair and/or replace these items.
After all, your home is more than just bricks and mortar; it's a reflection of your style, personality, and personal memories. Taking out contents insurance ensures that these things are protected, and you’re provided with reassurance.
You’ll need to consider the different items you own and review insurance quotes accordingly. For instance, some home insurers may cost less to cover your coffee machine, but your jewellery collection or your bike can increase your spending.
Location plays a big part when it comes to insuring your new home. So, where you buy a home will impact how much your insurance costs.
For instance, if there’s a higher level of crime in your area, your new build home insurance will be more expensive than a property in a location with lower crime. So before buying a home, the location and the cost of insurance are worth considering. You’ll want to live in a nice area, after all, and one that isn’t going to increase your monthly outgoings.
