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- Why is Home Insurance so Important?
- Your home is probably your single largest investment and your mortgage will be secured against it. If you’re uninsured and your home were to burn down, then not only have you lost your home and largest investment, but you’re still faced with paying back the mortgage in full.
- When do you need your cover to be in place?
- In most cases, you can be insured immediately online. If you don't want to be insured straight away, then that's no problem. You simply enter a future date you want the insurance to start.
- How Do You calculate the rebuilding cost for your Home Insurance?
- You don’t need to! Both the companies that handle our Home Insurance will estimate your rebuilding cost based upon the information you provide and show you their suggested figure on screen.
- Do you have to buy your Home & Contents Insurance through your mortgage lender or mortgage broker?
- No, you can buy your Home and Contents wherever you choose. And you’re likely to make a significant saving buying here online.
- Complaining about a Home & Contents Insurance Broker
- The insurance industry is now regulated by the Financial Services Authority.
Do I need Home & Contents Insurance?
It is essential to get Buildings Insurance when you buy a property – to protect your home from an unexpected disaster such as flood, hurricane or subsidence.
If you do suffer unexpected damage to your home, you will still have to continue paying the mortgage if your home is severely damaged and you will also have to pay for the damages – this is why Buildings Insurance is essential. Lending institutions usually require mortgage customers to purchase homeowners insurance – they are protecting themselves because if your property is badly damaged and you can’t afford the repairs or the mortgage, your lender will not make their money back if they have to repossess and sell the house.
Contents Insurance is a personal choice however, it is up you if you want to protect your valuables inside your home, as they will not affect the value of your home. You may find that buying the two policies together from the same lender will be the cheapest way to insure your home.