The 15 Most Important Financial Decisions You’ll Ever Make


7. Will you take out homeowner’s insurance?

If you buy a property, homeowner’s insurance is essential. What you ideally want is insurance that covers the building and its contents in the event of a disaster. Make sure it includes cover for staying somewhere else in the event the building is uninhabitable. Household contents should also be insured against theft. Include liability insurance to cover accidents and injuries to third parties in the home.

Not all disasters are covered by standard homeowner’s insurance. Flood and earthquake insurance, for instance, cost extra. Take the area you live in into consideration when evaluating these add-ons. Make sure you have a comprehensive homeowner’s insurance policy that covers all eventualities and caters to your requirements.