Buildings and Contents Insurance
Buildings insurance is compulsory if you are purchasing a property with a mortgage, and this has to be in place in time for exchange of contracts. Contents insurance is not compulsory, but it is always something we recommend.
Are you protected from the repercussions of loss or damage to your property or your belongings? Have you fully assessed the level of cover needed to replace all those everyday items, many of which we perhaps take for granted, but when lost would be expensive to replace?
1 in 5 homeowners in the UK are at risk of underinsurance, meaning the cost of repairs to their home is not fully covered if the worst should happen.
(Source: Association of British Insurers)
Try our contents calculator to see approximately how much it would cost you if you needed to replace every belonging in your property.
You can arrange your cover online, however going through a broker ensures that you have the correct cover in place and makes it much easier if you ever do need to claim. Sometimes people don’t know the terminology and think that they don’t need a certain part of the cover, but we would be able to explain what it all means.
What does buildings insurance cover?
It will cover the cost of repairing damage to the structure of the property. If anything were to happen to your house then it will cover the rebuild cost of your house, subject to the proper cover being in place.
What does buildings insurance cover?
It will cover the cost of repairing damage to the structure of the property. If anything were to happen to your house then it will cover the rebuild cost of your house, subject to the proper cover being in place.
What does contents insurance cover?
It will cover the cost of repairing or replacing your household personal possessions and furnishings such as curtains, furniture, electronical appliances, jewellery, sporting equipment, toys and much more. Again, this is subject to adequate cover being in place.
Why is it compulsory at the point of exchange?
It is compulsory to have buildings insurance at point of exchange as you are now responsible if anything happens to the property. If the property burned down before completion, you are still legally obliged to continue with the sale.
What add on’s can you get with buildings and contents insurance?
- Possessions taken outside of the home.
- Bike cover.
- Sports equipment
- Trace and Access cover. This will meet the cost of tracing the cause of any leaks or other damage to your home.
- Money away from home.
- Specified items over a certain value.
This is a short list and definitely not exhaustive.
Looking for something else?
First Time Buyer Mortgage
This is a big and exciting step for anyone going down the house purchasing route for the first time. This is likely to be one of the biggest financial commitments that you are likely to make and it has to be right for you.
Help to Buy
The Government has introduced “incentive schemes” such as the Help to Buy Equity loan, which is only applicable for new build properties. This is available for first-time buyers and movers.
Protection
It is vital that you protect that investment you will be working hard to maintain in the years ahead. As no one can predict the future, we would recommend that you consider protection that will help secure your investment.