Whilst you may regularly moan about the lack of space you have in your home, there are some benefits. It should be cheaper to run than your dream larger property. In particular, it should be cheaper to insure its contents and, if you're a home owner, rather than a tenant, the building too.
Your buildings' insurance is likely to be reasonably low, as the rebuild cost of a small property is significantly less than the cost of rebuilding a larger property. And, as there is a limit on the amount of furniture and belongings you can store in a small space, your contents' premium should be lower than it would be if you moved somewhere larger that needed more furnishings - unless you have a lot of small valuables that is!
Vicky Anscombe from insurance provider Columbus Direct has this advice for anyone looking to buy buildings and/or contents insurance:
Shop around
'Opting for a joint buildings and content policy should be cheaper, but it's worth shopping around, as sometimes it can be more cost effective to buy separate policies.'
Don’t be swayed by your mortgage provider
'Your mortgage provider will, without a doubt, try to sell you their own home insurance. Stand up to them and find your own; unless it’s a condition of the mortgage, you’re not obliged to take it. They may charge you for going elsewhere, however, so make sure that any savings you gain outweigh what they’re offering you.'
Don’t under-estimate your contents cover
'If the worst does happen, under-insuring your contents could leave you out of pocket. Make sure you include everything you’ll need to re-buy in the event of a disaster, including clothes, on a new-for-old basis. For example, if you insure £50,000 of possessions when you actually have £100,000, and you need to make a claim, then guess what’s going to happen? That’s right - you’ll only be able to replace half of your stuff.'
This is a sponsored post, but as usual, all opinions are our own
Your buildings' insurance is likely to be reasonably low, as the rebuild cost of a small property is significantly less than the cost of rebuilding a larger property. And, as there is a limit on the amount of furniture and belongings you can store in a small space, your contents' premium should be lower than it would be if you moved somewhere larger that needed more furnishings - unless you have a lot of small valuables that is!
Vicky Anscombe from insurance provider Columbus Direct has this advice for anyone looking to buy buildings and/or contents insurance:
Shop around
'Opting for a joint buildings and content policy should be cheaper, but it's worth shopping around, as sometimes it can be more cost effective to buy separate policies.'
Don’t be swayed by your mortgage provider
'Your mortgage provider will, without a doubt, try to sell you their own home insurance. Stand up to them and find your own; unless it’s a condition of the mortgage, you’re not obliged to take it. They may charge you for going elsewhere, however, so make sure that any savings you gain outweigh what they’re offering you.'
Don’t under-estimate your contents cover
'If the worst does happen, under-insuring your contents could leave you out of pocket. Make sure you include everything you’ll need to re-buy in the event of a disaster, including clothes, on a new-for-old basis. For example, if you insure £50,000 of possessions when you actually have £100,000, and you need to make a claim, then guess what’s going to happen? That’s right - you’ll only be able to replace half of your stuff.'
This is a sponsored post, but as usual, all opinions are our own
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