If you have a mortgage, you will be required to have buildings insurance. Buildings Insurance will cover the structure of your home and will insure the full rebuilding costs, not the value of your property.
The insurance will generally cover fire, flood, water, subsidence, damage and other hazards. Accidental damage is usually an optional extra as is legal cover. The sum assured should always be sufficient to pay for the rebuilding of your home.
Contents Insurance
Contents insurance covers you for theft, loss or damage to all the furniture and possessions in your home. You can sometimes extend your policy by paying a bit extra to cover accidental damage to any of your contents and/or all risks, such as damage or loss of valuable items like cameras and jewellery inside or outside of your home.
In most cases you will get a discount if you buy combined building and contents insurance. Further discounts are available depending on how long you had this type of cover without making any claim.
Mortgage Payment Protection Insurance
This plan is designed to pay your monthly mortgage payments and associated insurances, such as Buildings, Contents and Life Cover, in the event of you being made involuntarily unemployed or being unable to work due to accident or sickness.
The cover usually commences payment 30 days after a successful claim and is payable for a specified period, typically 12 or 24 months. After this time payments will cease, by which time hopefully you will have returned to work. In the event of a claim, payments are made tax free.
Contact us for a written quotation or for details on the range of Building, Contents and Mortgage Payment Protection Insurance that we offer.
