Insurances

Insurances

INSURANCE - everyone needs a safety net so read up on the information below.

1.   Buildings & Contents Insurance
2.   Income Protection

1. BUILDINGS & CONTENTS:

Building insurance - covers the cost of re-building your property if something was to happen.

Contents insurance - covers the cost of replacing your possesions should something happen.

We would recommend that buildings insurance is put in place from the date of exchange of contracts when you become legally committed to purchase the property. Except in the case of leasehold where building insurance is generally included with the Lease fees and dealt with by the freeholder or with new build properties where the Developer is responsible for insuring until completion - but double check!

Buildings insurance will be a mandatory requirement of your mortgage Lender.

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3. INCOME PROTECTION: - no joke!

This is very important, if you cannot afford to pay your mortgage you are in serious trouble. And so are the rest of your co-buying buddies, or ex-buddies, unless you can move out and sell or rent your share of the property, like, immediately.

To protect yourself and your co-buying buddies you should all take out Income Protection - it will provide you with a monthly income should illness or accidental injury prevent you from working, thus making your mortgage payments on time.

This is usually provided by your Lender in the form of Payment Protection, however check if you are all covered; if only two of you are covered by the policy and other co-buyers in the group are not you should look to other providers such as building societies or insurance companies that offer Income Protection Policies and split the cost equally amongst all co-buyers.

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