Does everyine have their homes insured??
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sheffy
Apprentice
Joined: 10 Jul 2004
Posts: 3
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 Posted: 01/01/08 - 06:30 Post subject: |
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| My wife and I are planning to buy a house; we’ve already went to see couple of houses currently at the market and I believe that with a good mortgage deal we can afford decent house. But I cannot understand one thing, why everyone has insurance on their house? Is it legally necessary or are they simply scared that something’s going to happen to it? We don’t have much money at this time and we would consider insurance couple of years from now. Is it possible to buy a house without insurance? |
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farica
Apprentice
Joined: 30 Nov 2005
Posts: 7
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| Posted: 01/31/08 - 01:57 Post subject: |
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| Many people are asking the same question and the simplest answer would be that it is possible to live in uninsured house. But, there are some things you should consider before deciding not to insure your house. First is the mortgage; many banks won’t even consider mortgaging your house without proper insurance because they want to ensure that the value of your property won’t be affected with the fire or flood. Insurance policies usually have two components: building insurance and home content insurance. It is very important to read carefully your insurance policy and know what that policy covers. You should also contact other insurers, many of them offer better policies than banks do. |
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