Most mortgage providers will require you to have buildings insurance to protect against any damage and if you’re a landlord, you’ll have to arrange this on behalf of your tenants. Sometimes they will offer their own insurance products, but you should never take the first offer.
Buildings insurance covers the cost of repairing damage to your home. Precisely what is covered and the extent of your coverage will vary depending on your policy, but among the things you might expect to be covered for are:
We can look at your situation, help you decide how much coverage you need.
As the name suggests, contents insurance refers to items within your home such as furniture, belongings, electrical goods and other items, but it’s easy to be confused about how far your coverage extends. We can tell you exactly what a policy will and will not cover.
Contents insurance protects against damage or theft to the contents of your home. Coverage will extend to the maximum value your insurer is willing to cover. So, if your losses extend beyond this figure, you will almost certainly have to pay this from your own pocket.
Policies vary as to how far coverage extends. Some, for example, may extend coverage to items such as your phone or tablet even when you leave the house.
Some policies may not cover you if you leave the property vacant for period of time or go travelling. Make sure you read the small print to understand what is covered and when. A financial advisor can help you with this.
We can also help you get the most suitable deal. Many insurers will drop their price if you take measures such as installing a burglar alarm, secure window locks or join a local neighbourhood watch scheme.
Many will have a standard excess charge – so you might agree to pay the first £50, for example, of any losses. If you agree to pay a higher excess, your premiums might be lower.
Shop around to find the right deal.
And finally: don’t automatically go for the cheapest option. Think about how much you’re willing to risk if the worst does happen.