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Getting on the property Ladder

Life is hard for the average first time buyer. Although property prices are stagnating and in some areas falling, these brings little excitement to most first time buyers because they cannot even get a mortgage or save enough of a deposit to get a foot on the property ladder.

What’s more, for the lucky ones that do make it, it seems as soon as you buy your first property, it turns into a money pit causing you to pour more and more of your heard earned cash into a never ending pot. The bucket seems to be full of holes, and one of these holes is home insurance. However, it doesn’t have to be. There are ways to get a low premium and still get a good level of cover for all your brand new Ikea possessions.

Although your time will no doubt be taken up with decorating and working all hours in overtime to pay off the mortgage, you should set aside a rainy Saturday afternoon to peruse the internet looking for the best home insurance deals. Look for ones that offer no claims discounts, and more long-term benefits, M&S vouches or free wine might be attractive today, but they aren’t going to do you much good in a year’s time when you need to make a claim.

Another important thing to look out for is a discount for combined cover. Many people choose to purchase buildings cover alone and don’t bother with contents insurance as it’s not compulsory, so usually viewed as an unnecessary extra expense. But this is foolhardy; your possessions turn your house into a home and if you get a discount on buying them together, it makes the whole package worthwhile.

Make sure the policy includes freezer contents cover, burst pipes damage, key and lock replacement, extra value cover over Christmas and other special occasions and downloadable computer files such as music and films. These are the bare essentials so anything on top of this is a bonus.

If you want to lower the cost of your premium, pay in one lump sum annually. If you chose to pay monthly by direct debt you will pay interest making the whole package more expensive.

Another way to lower the premium is to up the amount you are willing to pay towards a claim, known as the excess. As you take on more of the burden, the insurance company will lower your premium accordingly.

Legal & General offer comprehensive home insurance cover with 15% online discount. 

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