Your mortgage is something that you probably don’t really think about. After all, you have to pay it and you have no choice. But mortgages are really a lot more powerful than we really think they are. For starters, you have to realize that without the mortgage you probably wouldn’t have gotten your first home in the first place. As much as we hate paying that monthly payment, the reality is that a lender is taking a chance on us. A lender is believing in our dream of owning a home.
A lender is putting their money in our hands so that we can buy the house. Of course, you have to invest too — a deposit helps you show that you’re serious and mature enough to handle the responsibilities of owning your own home. It’s a lot different than being a tenant — if you’re a tenant, then you can always move away. You can break your lease and get out from underneath the house without too much effort. However, if you’re the owner, you have to be married to the house for better or worse.
So, what does your mortgage have to do with home insurance? Actually, the reality is that it has a lot to do with your mortgage. If you have insufficient home protection, you’re going to be stuck paying that mortgage on top of recovering from the damage of fire, theft, or loss.
On the other hand, if you have adequate home insurance protection, then you can actually get part or all of your mortgage taken care of. There is even a separate cover available for paying off your mortgage, making it so that you own the house free and clear. It might be hard to still replace everything that you lost in a fire, but you will still be able to tend to the things that really and honestly matter in your life.
Are you really as insured as you think you are? It’s time to actually look at your home insurance policy to make sure you have everything in its proper place. Many people are tempted to just assume everything is already there, but you might be surprised.
How much will it really cost to replace your items? You have to take into consideration your clothes, your shoes, your socks, your undergarments, the curtains, the linens, the carpets, and any wooden floors. You basically have to imagine yourself going to an “everything” store where you have to replace every last thing that you own, from top to bottom. Chances are good that the bill for such a thing would actually be quite high, when you really think about it.
Lloyds TSB contents insurance protects your home, but you also want to make sure that you are going to have enough to replace the structure itself. Don’t forget that the garage and the shed are part of the property. You will need to calculate how much it would cost to replace them as well.
It seems like a lot of considerations to make, but it’s really for your own good — check it out today!