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Home-Buying Requires a Specialised Approach to Insurance

The process of buying a house would perhaps be better classified as a huge life event because that’s exactly what it is – one of the most important life events at that. Sadly though many homebuyers don’t treat it as such and rush through the process for a number of reasons, particularly first-time homebuyers. Taking it slowly is an important part of buying a house. Whilst buying a house is seen as the ‘norm’, sometimes buyers want to build their own home so they have complete control of how it looks and what they want to do with it. We are not just talking about brick-and-mortar homes but homes built from metal and steel. As long as they talk with a steel building contractor to go over their options, they will be able to get on that property ladder, but with more control.

Such a big life event requires a lot more time and effort put into the process, including picking out the right realtor like for what you need, but in particular with regards to taking care of the financial logistics involved. Your approach to the insurance associated with purchasing your home should be of particular interest and needs to be segmented as a means through which to ensure you’re adequately protected from any financial mishaps that could very easily arise from the process of committing to a new home.

Granted, there are about a million and one reasons why a prospective homebuyer may be eager to get the formalities out of the way as quickly as possible, such as perhaps needing a roof over their head as a matter of urgency, but that only feeds the monster of potentially settling for a deal that eventually reveals the house to be a serious health and safety hazard, which in turn would be a serious financial drain. In all the haste to get the deal done, some basic health and safety issues can be easily missed, but the potential problems and financial headache you could be faced with in the future are compounded if it turns out that there’s a much more serious issue to have to deal with.

Wear the Hat of an Insurer

Specialist boiler insurance provider CORGI HomePlan conducted some research on the general approach people employ when they buy their homes in the UK, with some rather concerning findings to say the least. Two out of three people are unaware that they’re potentially buying a serious hazard, which means around 800,000 homes bought per year are done so with potentially life-threatening risk factors attached to them, like gas incidents, fires, radiator incidents, boiler accidents, carbon monoxide leaks, etc.

The study which surveyed 1,000 people brought to light that only 1/10 homebuyers considered it of importance to have safety checks carried out on the property before moving in. 1/4 were of the idea that it was covered by the mortgage lender’s survey and in what is of most concern, homeowners tend to overlook the operational condition of their boiler the most. 39% don’t get it tested by a qualified engineer and that’s just exactly where wearing the hat of an insurer should come into play.

Specialised insurance companies with a specific focus like CORGI HomePlan are about as real as your assessment of what condition your new home is in as it gets, because they deal with real values associated with some real issues you could possibly face. So if you want to really uncover any potential problems, rope in the specialised insurance service providers to commission the appropriate assessments from the point of view of working out an insurance premium quote for you. That way, you’ll be sure you’ve covered some vital home inspection areas such as perhaps having to get a professional engineer testing your boiler.

For a checklist of safety tips for home buyers visit: