Owning a home is a responsibility that requires more than just fixing problems as they occur. It also requires taking preventive measures against the problems before they happen. In many cases, that means purchasing home insurance and protecting the home against problems like floods, fires and natural disasters that might damage or completely destroy a home. The only problem is that it often seems expensive. Fortunately, some long term benefits of home insurance exist that make the initial investment worth the cost.

Fixing Damage:

In the event damage occurs to a home, it might end up costing a large sum of money. In fact, sometimes the amount of money save from having insurance cover the damage and pay for repairs might even exceed the amount paid to home insurance over the years.

Fixing damage from fires, floods, hail storms or other situations that might occur is in the vast majority of insurance policies. Repairs are often expensive and might even become complicated, depending on the form of the damage, the amount and the location. The savings from the insurance company fixing the damage often pay for the cost of putting money into the policy.

Rebuilding:

On a similar note, if a house is completely destroy from any problem that might occur, such as a fire or natural disaster, it will need to start over from scratch. That often means completely rebuilding the house. Building a house is an extremely expensive project and will always exceed the amount of money put into the insurance policy over the years. In some cases, rebuilding might even cost almost as much as initially buying the house. That amounts to a large cost saving by having insurance cover most of the price.

Protecting Valuables:

Home insurance might also include content insurance or might have the option to add this type of insurance. As a result, it protects the valuables within the home in case of damage or theft to the item.

For those who have ever had items stolen or damaged, even if it was an accident, the cost of replacing the item or losing the item might be worth the amount paid extra to the insurance company. Items like valuable jewellery are hard to lose and having a company insure against problems helps prevent the loss of the monetary value or the cost of fixing damage to valuables.

Better Health:

Having appropriate insurance gives homeowners peace of mind as it relates to their home. In many cases, releasing the worries about what will happen in the worst case scenario results in lower stress levels. Stress is very damaging to the human body and causes numerous health problems. That lower stress means better health in the long run, which saves money on hospital and doctor bills.

Money paid out monthly are only one consideration when it comes to the insurance of a home. The long term financial benefits that might occur and the peace of mind ultimately make it worth paying for coverage each month.

Protect your contents, such as precious jewellery with a jewellery insurance plan. There are many to choose from with many great offers that will protect them from being lost or stolen.

Those who have decided to move on to further education by going to university have been warned that their personal possessions may not actually be automatically covered by general annual insurance at their halls of residence.

This is the opinion of the head of consumer finance at Love Money, Ed Bowsher.

Mr Bowsher has urged future scholars to take the time to find out if they are protected before moving into their home-from-home, so as to avoid any potential confusion or unexpected high costs whilst studying.

The expert went on to say that “students should also check their parents’ home insurance policies,” adding that “some policies will cover students even if they’re living away from home” (more…)

Those who have decided to move on to further education by going to university have been warned that their personal possessions may not actually be automatically covered by general annual insurance at their halls of residence.

This is the opinion of the head of consumer finance at Love Money, Ed Bowsher.

Mr Bowsher has urged future scholars to take the time to find out if they are protected before moving into their home-from-home, so as to avoid any potential confusion or unexpected high costs whilst studying.

The expert went on to say that “students should also check their parents’ home insurance policies,” adding that “some policies will cover students even if they’re living away from home”

This was later backed up by Mike Powell, insight analyst for general insurance at Defaqto, who has also urged those joining university for the 2011/12 academic year to look into whether or not they are protected by their parent’s insurance policies. (more…)

A survey carried out by department store John Lewis reveals that 18-24 year olds are the one of the most ‘house proud’ age groups, with almost a quarter of those that took part in the survey revealing that they are reluctant to entertain at home for fear of potential party accidents – close to three times  those aged 65 and over, with just 8% worrying about damage, and more than double 55-64 year olds (10%).

The study, involving 2,014 adults from Greenbee Home Insurance (part of the John Lewis Partnership), also found that 26% of this age group ask guests to remove footwear before entering their homes, almost double that of those aged 65 and over (14%) who have been found to have a more relaxed attitude.

It has been suggested that this new age of thinking has been brought on by the credit crunch, as 14% of Brits said they could not afford to replace damaged or broken items based on their current financial situation.

These findings may come as a surprise, turning stereotypes on their head, with a new breed of CHAPS – Cautious Hosts Against Party Stress.

It appears that the Midlands is Britain’s most house-proud region, with an above-average concern in all areas. Over a fifth (21%) of Midlanders make their friends remove their shoes when visiting (compared to 15% of people in South East/London) and 16% prefer not to host house parties, fearing that a party could result in damages caused by party accidents (compared to just 10% of Scots).

These results confirm that the financial crisis has turned the Britain into a nation of paranoid party poopers, but this view can be seen as well justified, as 14% said they’re more worried about household accidents or breakages than ever before as in the current economic climate as they can’t afford to replace any damaged items – rising to one in five (20%) of 45-54 year olds and 17% of women (compared to 11% of men).

James Furse, managing director, greenbee.com said: “It’s no surprise that people, regardless of their age, are cautiously house-proud, particularly with financial concerns foremost in the thoughts of a significant proportion of people.

“While those without cover are understandably concerned about the cost of an unfortunate accident while entertaining, even those with home insurance may want to consider checking their policy small print to make sure they’re covered for all eventualities. Ensuring you have the right home cover in place may offer peace of mind, along with valuable protection.”

There are a number of insurance providers offering cover that will help to offer peace of mind when hosting such an event, so if you fit into the ‘concerned host’ group, be sure to check them out!