Often a mandatory requirement of the mortgage provider, our Librarians can also assist you in protecting your property and personal possessions.
Our brokers have access to a panel of providers who offer 5* Defaqto Rated Products, so we can guarantee we will give you the highest quality of protection.
What do you need?
When purchasing a home, it is vital to make sure that you protect your property and all your belongings so that you can afford to repair or renew, should something go wrong.
What would you do if your property was damaged by a fire, storm or flood? Would you be able to afford to repair this? As the homeowner, you would be liable for this as well as your mortgage payments and possibly, even for finding alternative accommodation if the damage was too severe to stay in a property.
Home Insurance helps protect you and your home from a variety of unexpected events. Most policies will cover the main dwelling, garage and outbuildings, and you have the option to add cover for your possessions too. There are two types of Home Insurance: Buildings Insurance & Contents Insurance.
It is normally a precondition of your mortgage when you buy a property, that you have at least a Buildings Insurance policy in place. However, Home Insurance is not just for homeowners. If you are renting a property, you may also want to make sure that all your possessions are protected whilst they are in the property.
Buildings Insurance covers the cost of repairing any damage to the main physical structure of the property. This typically includes any fitted or permanent fixtures as well as the roof, floors and walls. It is normally mandatory to have this set up if you are purchasing the property with a mortgage. There are often limits to what kinds of damage is covered on your policy, so therefore, it is important to seek advice from your adviser to ensure there will be no nasty surprises if you ever need to make a claim.
Contents Insurance is designed to cover your household possessions, rather than the actual property. Most policies will cover items such as furniture, white goods, TV, computers, clothing, stereos, jewellery, antiques, sporting equipment and more. This policy can cover you if your contents are lost, stolen or damaged.
Both policies can be bought as a standalone policy or as part of a combined policy.
You don’t need to wait until you have moved into your new home before setting up the cover. The experts at The Mortgage Library will help you arrange a suitable cover in plenty of time for your moving date. You legally own the property from the day you exchange contracts, so it is vital you have something in place by this point.
This is all part of the service provided by our Mortgage Librarians, and like everything else, is tailored specifically to your individual needs.
Whether you take out Buildings Cover, Contents Cover or both, you will have the option to either pay this annually or monthly, by a direct debit. There will be no fee charged to you to set this up as your advisor at The Mortgage Library, will do this as part of the service.
By Jay Thain | 03 October 2020
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