Call Wiser’s guide to Home Insurance for First Time Buyers

26th May 2015


Owning your own home is one of the biggest milestones you will encounter in your lifetime, but before you furnish or redecorate your new property and get ready for the housewarming party, it’s important to make sure your investment is soundly protected.

It’s safe to say that buying insurance for your new place is perhaps not the most exciting part of the home buying journey, but it’s definitely a decision that can help you to sleep peacefully at night, provided of course that you choose the right policy!

What to consider

There are a large number of home insurance providers on the market that offer a range of policies with different levels of cover and features, so it can be difficult for first time buyers to know where to begin.

Household insurance premiums are based on the individual circumstances of the proposer, so what is best for one person is not always best for another. To further complicate things, the rates charged by insurance companies can vary significantly from one provider to the next.

If you have a mortgage on your property, your mortgage provider might insist upon that you have buildings insurance cover from the moment the contracts are exchanged. Many lenders now offer their own branded insurance products, or recommend the services of a partner company at the point of sale.

However, before accepting the first offer you are presented with, it is important to make sure you are receiving a competitively priced product that actually meets your needs!

Where to begin – Online or over the phone?

A traditional approach to retrieving quotations is to phone insurance providers one by one, however this can also be a lengthy and tiresome process, with salesperson after salesperson attempting to convince you that their company’s policy is the best.

The internet has given rise to online quotation forms, which were developed by companies to reduce the cost of providing quotations. However, removing human guidance from the quotation process inevitably leads to confusion, mistakes and retrieving accurate quotations can actually take longer.

Another major drawback of retrieving quotations online is having to register details with each company that you would like a quotation from and having to repetitively enter the same proposal information each and every time.

A more recent tool to emerge on the internet is the comparison website and these can be used to identify some of the cheapest products on the market, by ranking the policies of participating companies in order of price.

While price comparison websites make it easier to identify the cheapest offerings, the quality and suitability of products is not so clearly displayed and the service standards and reliability of the providers is often unclear and when it comes to insuring your new home, it’s important not to cut corners.

Who else can help?

A refreshing alternative to these approaches is to call a specialist broker such as Call Wiser, who can compare policies on your behalf, explain the features and benefits in a language you can understand and recommend the most suitable options at the best price they are able to negotiate.

With over 30 of UKs largest insurers on our panel and over 30,000 customers too, Call Wiser is able to provide some fantastic rates on industry leading covers, so one quick and easy call to our friendly advisors can save you hours of searching.

What else do I need to know?

Buildings Insurance

Buildings insurance covers the structural elements of your property and usually extends to cover the permanent fixtures and fittings in your kitchen and bathroom.

Buildings cover is usually an essential requirement of your mortgage if you have one, as it reduces the risk faced by your mortgage lender.

If you live in a flat, it is common for the freeholder to arrange buildings insurance for the entire building and pass on the costs to the individual leaseholders, however it is important to check with your landlord if this is the case.

Contents Insurance

Contents insurance covers your possessions and the non-structural elements of building such as carpets, furniture and electrical appliances.

These items can be insured under a standalone contents policy, or together with the buildings under a combined policy (see below).

Combined Policies

If you require buildings insurance and contents insurance it is often more cost effective to purchase a combined policy from a single provider, where the buildings and contents cover are packaged together. While combined policies are increasingly popular, it is not always the case that they are the most cost effective option.

A benefit of calling a broker like Call Wiser is that we can identify the providers offering the best deals for your needs and allow you to manage multiple insurances from a single location.

Get your values right

When it comes to arranging your buildings insurance, you will be asked for the estimated rebuild cost of the building. If you are unsure of this value you can use an online calculator for a rough estimate, or find a surveyor to provide a more accurate estimate.

With contents insurance you will need to add up the cost of your belongings, remember to include carpets and anything that would fall the ground if your home was turned upside down.

Items that exceed the single article limit (commonly £1,500) will need to be disclosed separately to the insurer and valuables items, such as jewellery, precious metals, works of art and antiques may require up to date valuation certificates.

Take steps to keep your home secure

Insurance companies will offer a lower premium if you have approved locks fitted on all doors and windows of your property, likewise if you have a professionally maintained burglar alarm. Always remember to use these security features of your home, as failure to could invalidate your cover in the event of a claim.

Certain insurers also offer lower premiums if you are an active member of your local Neighbourhood Watch organisation.

Talk to an Expert

With the huge array of products, providers and platforms on the market, it’s tough to know where to begin. Fortunately specialist brokers exist to take the worry and hassle out of finding great value home insurance.

If you want to find a suitable policy, from a reputable provider at a great price and you don’t want to spend hours ringing around or searching online. One quick and easy call to an expert broker like Call Wiser can save you a lot of time and money.

Our warm, friendly and experienced staff will work with you to find a policy that’s right for you and can answer your questions, explain the features and offer their expert advice.

Once you have found the policy you require, we can issue your documents immediately.

So what are you waiting for?

It's better to talk:

Call from a mobile
0333 003 3270

Or FREE from a landline
0800 298 2190

Call Wiser is a trading name of Be Wiser Insurance Services Ltd. Registered in England No. 6097813. Be Wiser Insurance Services Ltd are Authorised and Regulated by the Financial Conduct Authority 465471

Call Wiser, Riverside House, 35-37 Bridge St, Andover, Hampshire, SP10 1BE, 0333 003 3270,