Fine Insurance

Independent Insurance Brokers Established 1989

  • Google+
  • Linkedin
  • Twitter
01489 579808 | info@fineinsurance.co.uk
Menu 
  • Home
  • Our High Net Worth Clients
    • Executive Home Cover Service Charter
    • High Performance Car Insurance
    • Specialist Art Insurance
    • Art and Home Contents
    • Memorabilia Insurance
  • Our Business Clients
    • Greenfield Insurance Customer Charter
  • About
    • Privacy Policy
    • Terms & Conditions
  • News
    • General
    • Home Insurance
      • Contents Insurance
    • High Value Home Insurance
    • Jewellery Insurance
    • Art Antiques & Collections…
    • Business Insurance
      • Public Liability Insurance
    • Motor Insurance
    • Fine Dining Insurance
  • Testimonials
  • Contact Us
You are here: Home / Home Insurance / Contents Insurance / First-time buyers are not insuring their homes properly

First-time buyers are not insuring their homes properly

May 18, 2016 By admin-ehc Leave a Comment

Money Market UK have carried out research into first-time buyers and have revealed the biggest insurance mistakes that they make when purchasing a home, including underinsuring their property and its contents.

underinsuring homeAccording to the research, underinsuring their home is one of the most common mistakes being made, with one in five (20%) buyers aged 25-34 admitting to buying only buildings or contents insurance, but not both – leaving their property and belongings exposed.

A classic mistake made by nearly one in 10 (9%) first-time property owners was that they confessed to only purchasing buildings insurance after they had moved in.  It is a key purchaser responsibility to have this in place from the date of exchange.  A further one in five (19%) had no contents insurance set up before they moved into their new home.

The worrying findings all point to the issue that first-time buyers are not making insurance a key priority when purchasing their first property. Another reason could be a lack of understanding about the complex purchasing process making so many first time buyers overlook insurance and, as a result, fail to protect themselves adequately.

First time buyers should be aware that from the moment of contract exchange you become legally responsible for the building so its vital to have buildings insurance in place.  If there’s a sudden fire or other damage, you’ll have to foot the bill even if you haven’t moved in yet.

It is also advisable to have contents insurance secured before you move, as these policies will often cover goods in transit during the moving process.  Check your policy though if you have any small high-value items  – they might not be covered under goods in transit and it can be simpler to transport these personally.

For more information or a quote for your new home, please contact Greenfield Insurance Services on 01489 579808.

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestEmail this to someoneShare on StumbleUponDigg thisShare on Reddit

Filed Under: Contents Insurance, General News, Home Buildings, Home Insurance Tagged With: first time buyers, Home Insurance

« Cruising Inspiration
What’s next for travel technology? »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Contact Us

Got a question? Fill out our contact form and we will get back to you.
Contact Us
Or call

01489 579808

Categories

  • Art
  • Art, Antiques & Collections Insurance
  • Ask the Insurance Expert
  • Business Insurance
  • Collectibles Antiques
  • Contents Insurance
  • Fine Dining Insurance
  • General
  • General News
  • High Value Home Insurance
  • Home Buildings
  • Home Insurance
  • Jewellery
  • Jewellery Insurance
  • Looking After Your Assets
  • Motor Insurance
  • Public Liability Insurance
  • Testimonials
  • travel insurance
  • Watches

Recent Posts

  • Insuring valuables – are you certain you are covered?
  • Lloyds Bank study reveals the “Waitrose effect”
  • What’s next for travel technology?

Latest News

  • Insuring valuables – are you certain you are covered? September 7, 2016
  • Lloyds Bank study reveals the “Waitrose effect” August 25, 2016
  • What’s next for travel technology? June 22, 2016
  • First-time buyers are not insuring their homes properly May 18, 2016
  • Cruising Inspiration January 13, 2016
  • How to Deal with Flooding Damage December 8, 2015
  • Do It Yourself Guide to Building a Fine Wine Collection November 11, 2015
  • Darker Nights Spell Rise In Thefts October 27, 2015

Last Tweets

  • Planning to rent out your home on Airbnb? Read this first https://t.co/06q9NhAYer https://t.co/SxNWkutBHy, Sep 14
  • Don't let your business get stopped dead in its tracks https://t.co/ll1K9Tve9i https://t.co/5b11Aqt64p, Sep 14
  • The perfect buy-to-let insurance policy for landlords.https://t.co/wlPGnxx3pr https://t.co/ghYLVrWcu4, Sep 14
  • What have you done to protect your business from cyber attacks? https://t.co/mJjQItYU8L, Sep 13
  • A claims service like no other. Why it pays to use an insurance broker. https://t.co/ZxilPLmZUu https://t.co/35f5VWswGf, Sep 13
Executive Home Cover Logo
  • Google+
  • Linkedin
  • Twitter

Greenfield Insurance Services
Canterbury House, 58c Botley Road, Park Gate
Southampton, Hampshire SO31 1BB

Tel: 01489 579808

Email: info@fineinsurance.co.uk

Copyright © 2017 Greenfield Insurance Services. All Rights Reserved. Authorised and Regulated by the Financial Conduct Authority. FCA registration no. 307504 · Log in

Cookies on this website

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies from this website. If you would like to change your preferences you may do so by following the instructions here . Please visit our Privacy Policy page for more information about cookies and how we use them.

Close