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FAQ Home | General Questions | Critical Illness Insurance | Life Insurance | Home and Contents Hot Topics
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. |
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