Home insurance policies for new homeowners: What you need to know

Three key home insurance policies every homeowner should consider

There are three primary home insurance policies to familiarise yourself with as a homeowner: Building Insurance, Home Contents Insurance, and Indemnity Insurance. While none of them provide all-encompassing coverage, each serves a distinct purpose.

The following sections will provide an overview of these policies, helping you decide which fits your needs.

Building Insurance

Building insurance provides financial coverage in case of damage to your home. It includes:

• Compensation for fire damage
• Coverage for storm and water damage
• Protection against certain pests

When you opt for Building Insurance from IDA Forsikring, you ensure your home receives comprehensive protection. Moreover, you can personalise your policy to suit your specific needs with various helpful add-ons available through My Page.

For those with a mortgage on their home, it's essential to know that most lenders typically require coverage for fire damage, which is an integral component of Building Insurance.

The primary benefit of Building Insurance is the peace of mind it brings. In the unfortunate event of an accident, such as a fire or water damage, this policy covers the significant expenses involved in repairs and renovations.

Home Contents Insurance

While Building Insurance focuses on structural damage, Home Contents Insurance safeguards all your personal belongings within your residence. This includes furniture, electronics, jewellery, and more, protecting in case of damage or theft.

One of the key advantages of this insurance is its coverage extension beyond your home's boundaries. For instance, it can come to your aid if your wristwatch is stolen while travelling to work on a train.

Furthermore, Home Contents Insurance isn't solely about safeguarding your possessions; it also includes liability coverage. This means it offers support in situations where you unintentionally cause damage to someone else's property.

In essence, this policy ensures you benefit from:

• Replacement of your possessions in case of damage or accidents.
• Replacement of your possessions in case of theft.
• Liability coverage if you accidentally damage someone else's property.

Indemnity Insurance

Indemnity Insurance plays a unique role in the sphere of home insurance. While Building Insurance and Home Contents Insurance shield against sudden damages to your property and belongings, Indemnity Insurance covers concealed and unforeseen damages. 

It safeguards against unpleasant and potentially costly surprises, like undisclosed illegal electrical installations, defects not evident during the property's condition assessment, or electrical inspection reports at purchase.

It's crucial to remember that anticipated damages or pre-existing defects in the home fall outside the scope of Indemnity Insurance. The age of the house typically dictates whether damages are deemed expected or not.

Purchasing Indemnity Insurance is a fundamental step when acquiring a new property. Unlike many other home insurance policies, you must make a one-time payment, typically shared between the buyer and the seller. This makes Indemnity Insurance a mutually beneficial consideration before finalising a home purchase.

Secure the perfect mortgage with our partners.

Selecting the right mortgage for your home purchase is a critical decision that profoundly impacts your financial stability. At IDA Forsikring, we've established a beneficial partnership with RealRåd, offering exclusive discounts. RealRåd specialises in providing expert guidance on mortgage optimisation, helping you secure and manage loans efficiently. 

To explore this partnership further, delve into the details of our agreement with RealRåd.

As a homeowner, trust in your bank is crucial. That's why it's an excellent opportunity to transition to a bank that truly understands your unique needs. At IDA Forsikring, we collaborate with Lån & Spar. This means that Lån & Spar has a dedicated department to assist IDA members with their loans at our location.

This partnership provides you with a bank advisor who understands your professional life and financial situation. The collaboration offers several advantages:

• 5% interest on your salary account
• Free Mastercard and Visa/Debit cards
• Assistance with budgeting and investments-related matters
• Affordable car loans
• Attractive mortgage loans

Let us assist you with your home insurance policies

At IDA Forsikring, we're dedicated to ensuring you have thorough and dependable coverage as a homeowner. Feel free to reach out for our expert assistance with your home insurance policies.