It’s an expensive business owning your own home, I do not think I appreciated being a tenant until I realised the responsibility of paying for everything that breaks down and needs fixing!!! I make a point of having home insurance because it’s good to be prepared for every eventuality, rather than lying in bed panicking how you will pay for repairs from an act of god! We have a lot of rain in Wales, so during the night I would be worrying about every storm and what damage it is doing, so I would rather go on the side of caution and pay a little extra every month for the reassurance.
Legal and General have created an interesting interactive house so you can see the extent of hidden hazards in the home with some useful tips to try and avoid problems in the future. I am clicking around keenly because our big old house needs all the help it can get… fortunately you do not even need to be a policy holder to access the feature, just leave the boxes blank and go straight to the house.
I would recommend taking a sensible approach to owning your own house, never skip on insurance policies just so you can save a few quid. Find time to regularly maintain your house and check its in a good condition, from experience once water starts getting into your house its hard to identify where from! Replace missing tiles and clear out your guttering, otherwise plants get very comfortable there and cause blockages!!! Our poor house was neglected and needs lots of TLC to bring it back to a satisfying condition, we are getting there but it’s a long (and costly) path, if the previous owners had kept a closer eye on things then it would not have got this bad.
Also I think its worth joining a neighbourhood watch scheme and installing a burglar alarm, perhaps even get a feisty dog like Summer who does not like people who look shifty! Some steps you take might even reduce the cost of your home insurance premium so it’s worth investigating what you can do to save money like that rather than risking not having insurance in the first place.