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A Useful Guide to Insuring Your First Home

Thu 09 Sep 2021

Insuring Your First Home 

If you’ve had an offer accepted on a property and arranged a mortgage, then home insurance should be the next thing on your mind and in place for the exchanging of contracts. Insuring your first home can be daunting, so we’ve put together a list of popular questions that will hopefully answer any queries you might have.

What is home insurance? 

Home insurance can protect your house and/or belongings in the unfortunate event of damage or theft. It can cover the cost of replacing your items and the rebuilding of your home in the event of fire, flood, storm or theft and is generally split up into 2 categories:

  • Buildings insurance – covers the building and permanent fixtures and fittings like bathrooms and kitchens, plus outbuildings such as garages and sheds.
  • Contents insurance - includes your possessions inside your property, such as carpets and furniture. And, depending on your policy, you may be able to cover personal items you take outside of your home such as jewellery and mobile phones.

You can also choose to have combined insurance which covers both the buildings and your contents.

You will need to decide the level of cover that is right for you, your home and your possessions. Some policies require you to specify individual items if they are worth over a certain amount. It is also worth checking the minimum cover levels quoted for your buildings and contents cover, so that you can check you wouldn’t be under-insured.

Do I need home insurance? 

As a first home buyer, insurance is something you definitely need to have to protect your new home. When buying a freehold property, you will most likely have to sort this out yourself. However, if you are buying a leasehold property, in most instances you will pay service / ground rent charges that will include buildings cover.

It is worth bearing in mind that if you take out contents insurance before you move in, your possessions may be covered in transit depending on the policy cover you have, and the policy may insist that a professional removals firm is used.

You don’t have to take your buildings, or contents, insurance out with your mortgage provider. You can shop around for the best deal for you. You just need to ensure your mortgage provider is OK with your selected buildings insurance policy.

What are the most common home insurance claims?[1]

Claims can be made for a variety of reasons, such as:

  • Escaped water
  • Accidental damage
  • Storm damage
  • Theft
  • Freezer contents

You can minimise the risk of some of these with simple maintenance checks like making sure your boiler is properly serviced, tightening any loose fences or gates, and ensuring you have sufficient security for your property.

How much does it cost?[2]

The cost of buildings insurance depends on factors such as where you live (including things like flood risks and whether you live in the city / countryside), the size of the property, security and even the property structure.

For contents insurance, the policy will be calculated depending on the replacement value of all the items in your home, taking into account the area in which you live and determining how likely your items are to be stolen.

There are many types of contents insurance and policies vary widely. Be sure to find one that suits the value and type of your belongings best.

How can I get the best value?

You may be able to get a better deal if you shop around and compare the cost of a combined policy with separate ones with different insurers.[3] And remember, you don’t have to take your home insurance policy out with your mortgage provider.

Some insurers charge more for paying monthly rather than as a lump sum up front, so it’s worth checking or considering a policy where you aren’t charged more for paying monthly. For a lower overall price, simple things such as setting a higher excess if appropriate and minimising the included extras will also help keep prices down. However, make sure that you include everything you need insured in your policy and are confident you could afford the higher excess in the event of a claim.

Home insurance for first time buyers is an important thing to get right. Police Mutual Home Insurance provides the peace of mind knowing you have the home insurance that will protect you when you need it most. The Police Mutual Home Insurance policy has been independently top rated as a Five Star home insurance policy by Moneyfacts, so you know that you’ll be in safe hands.


Finding out more about Police Mutual Home Insurance

Police Mutual Home Insurance provides a number of benefits as part of the standard policy including buildings cover of up to £1 million and contents cover of up to £75,000. Plus, up to £500 Home Emergency cover is provided as part of the standard contents insurance cover (cover provided by ARAG plc). You can also pay monthly at no extra charge.

Police Mutual Home Insurance is available to serving and retired Police Officers, but it’s also available to Staff, Specials and family members of these Officers.

Find out more by phoning 0151 242 7640 or checking out online: Home Insurance | Police Mutual


Home insurance is provided by Royal & Sun Alliance Insurance Ltd.

Home Emergency Cover is provided by ARAG plc.

PMGI Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 114942. Registered in England & Wales No. 1073408. Registered office: 55 Gracechurch Street, London, EC3V 0RL


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[1] The 5 most common reasons for claiming on a home insurance policy - Ageas

[2] Understanding the Factors That Affect Your Home Insurance Premium - Policy Expert

[3] How to reduce your home insurance premium -


Type of article: Articles
Category: Owning a house

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