Whether you are buying your first home or your fifth, there is always a lot to consider. Much of the time, that entails finding the right mortgage and ensuring you make the best decision for your financial future. However, now you own a house, there are even more aspects of this path to consider. One of these is Home Insurance, which may not be on your radar but should be set up as soon as possible. So here are four things to remember when considering taking out Home Insurance:

1) WHAT IS COVERED?

Many homeowners aren’t aware that their insurance is exactly what they’re covered for. You would hope for insurance cover on some basics like accidental damage and theft, but sometimes it can be easy to forget about things like burst pipes or falling tree branches. This list isn’t exhaustive, but it is very important to check on the specifics of your plan, as you might be surprised by some of the exclusions.

2) WHAT’S NOT COVERED?

Before taking out home insurance, be sure that you are aware of what won’t be covered. It can be easy to think that all damages are included in your policy, but this simply isn’t true, especially when it comes to fair wear and tear or pre-existing damage. So do a full survey of your property before taking out Home Insurance to know exactly what will or won’t be covered.

3) HOW MUCH DOES IT COST?

The final part of the Home Insurance puzzle is how much you will have to pay. There are three important aspects of this: the cost of your premiums, the excess fee if anything goes wrong, and finally, your excess period. The first two can vary depending on what insurance company you go with, but it is good practice to compare prices before signing up. This way, you know that you are getting affordable rates and a comprehensive plan for your home.

4) IS AUTO-RENEWAL WORTH IT?

Finally, when considering your Home Insurance policy, there’s one last thing which many homeowners don’t consider: how long their contract runs for. On average most policies run for twelve months at a time, but you also have the option to renew annually or monthly; it is worth considering the pros and cons of each before making a final decision.

While it can seem like a lot to consider when taking out this policy, you must make the correct choice for your home. With these four things in mind, you should be able to take out an insurance plan quickly and easily without any problems arising further down the line.