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Some Options to Consider for Home Insurance Cover

When you buy a home, you need to think about insurance cover to protect your property and those whom you love. Each type of insurance discussed below has an important feature that can dramatically impact your quality of life should disaster strike your home or your loved ones. Buying a home will probably be one of the largest expenses that you’ll ever have, and having protection in place is imperative to your peace of mind and the confidence that you have in your future. Review some of the insurance cover below and consider getting a plan to protect your assets and your family.

  1. Life Insurance. Life insurance is important because it can be set up to pay off large debts, such as a mortgage, in the event of death. It’s an excellent plan that takes care of your home, should the worst ever happen, and ensures that your loved ones will not struggle financially. Think about how you would struggle to pay the mortgage if something happened to you or your partner. If you have insurance and protection of this kind in place it can certainly provide you with peace of mind.
  2. Critical Illness. You never know when a debilitating illness will strike you. If you are the breadwinner in your family and you are responsible for making the mortgage payments each month, how would the family pay for your home if you became gravely ill? You can set up this cover to make sure that your home would be paid off and your family could continue life as they know it.
  3. Unemployment, Sickness, and Accidents. You don’t expect to become unemployed, sick, or to have a major accident, but these things do happen and as a responsible homeowner you must be prepared to handle your financial obligations in case of a disaster. You should find independent advice that will help you choose the right cover for your personal needs. Having a protection plan in place is the smart way to proceed once you buy a home.
  4. Income Protection. The mortgage that you took out was based on the income that you provided the lender. What happens if your income ceases? Income protection can help you to continue paying your mortgage for a set period of time based upon your situation. Ask a trusted advisor about which type of income protection plan would work best for your needs.
  5. Home Insurance. Your lender probably required you to have cover when you got your mortgage. You should read your policy and know exactly what is covered under your plan. Know and understand what is covered, how much the deductible is, and how to change your cover when you acquire new contents. If you have questions, ask your insurance representative to explain the details of your policy to you.

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