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When you apply for a home loan you will find that homeowners insurance is mandatory as it covers your property against loss and damage. This insurance is a legal requirement. So if you want to go ahead and purchase a property, you must be covered.
The monthly premium is dependent on the loan amount granted for your property.
It is advisable that you shop around for an offer that suits your needs and your pocket best.
It is important to note that homeowners insurance, otherwise known as building insurance, does not cover the contents of your home.
Since you’re moving into a new home, it’s a good time to re-evaluate the contents of your home. There is a good chance that you might get rid of certain household items, or add some new ones. Moving will generally alter your risk profile – so now is the right time to review the cover you need for all your hard-earned possessions.
Moving to a new area, with different security for your car, will also change the risk profile, so updating your car insurance is a must!