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Home insurance policy choices
Approximately fifty per cent of mortgage borrowers actually choose
to insure through their mortgage provider. The reasons for this are
convenience and time. However, it is very possible that you could save
significant amounts by shopping around for an insurance provider beyond
your mortgage lender.
Some mortgage providers offer good home insurance deals,
but others capitalise on their customers. Whilst at the time this can
feel like a small saving, spread over years of repayments the numbers
becomes more serious. It is worth also being aware that your mortgage
lender may charge some kind of fee if you wish to insure elsewhere,
or even attempt to hinder other insurers from processing your policy.
Some providers and policies will be cheaper for your needs. In order
to understand what you are letting yourself in for it is necessary
to fully assess the entire policy. This means reading lots of small
print, but understanding the key details is absolutely essential. You
should go into a home insurance policy with your eyes open, and completely
aware of what you are covered for and vice versa.
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