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Safeguarding your home, your valuable investment, is paramount. When you become a homeowner, most mortgage lenders will require you to secure buildings insurance. This coverage typically addresses the expenses associated with repairing any damage to your home's structure, encompassing permanent fixtures and fittings.
Whether you own or rent your property, it's prudent to also explore the option of obtaining contents insurance. The value of our possessions is often overlooked, but considering the potential financial strain of replacing them is crucial. Contents insurance alleviates this concern by providing reimbursement for the loss or damage of your belongings, spanning items such as jewellery, clothing, and electronic gadgets.
Home insurance provides you with financial protection for your home and its contents if the unexpected happens. A home insurance policy helps cover the costs of any unavoidable harm to your home, like fire or flood damage, while can help in replacing stolen valuables if you’re burgled or they get damaged. It offers reassurance that if anything should happen you can afford to make important repairs or replace your valuables.
Home insurance isn’t a legal requirement for homeowners or renters. However, it provides peace of mind in case something goes wrong out of the blue.
If you’re taking out a mortgage, your lender will probably insist you get buildings insurance before they’ll approve you for a loan. If you’re a tenant, you’ll only need to cover your belongings – your landlord should look after the buildings cover.
Our friendly advisors are always happy to help with your insurance enquiries, so call us for a no-obligation chat.
Do I need home insurance if I have a mortgage?
Unlike driving a car, you can legally own a home without homeowners insurance. However, if you finance your home with a mortgage, your lender most likely will require you to have home insurance coverage to protect your home in case of damage cause by unforeseen circumstances, such as fires or natural disasters.
Does homeowners insurance cover death of owner?
Though the estate would not automatically become the insured homeowner, a home insurance company, in practice, will generally pay the estate of the property owner named on the policy. One risk that the estate has, following the homeowner's death, is that the estate can be sued for injuries on the premises.
What will homeowners insurance pay for?
You may also be able to purchase additional coverages for greater protection. Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms and hail. For example, damage caused by earthquakes and floods are not typically covered by homeowners insurance.
The level of insurance you need will depend on your individual circumstances. Our experts will work with you to establish what the right level of cover is for you to ensure you are fully protected.
Call us on 0203 835 6263 to receive an insurance quote from our experts.
Many price comparison sites only offer ‘standard’ or 'basic' insurance policies and won’t necessarily take your personal circumstances and needs into account. Equally, because comparison sites don’t provide one on one advice, you could be left with unanswered questions or worst still be unaware that you are underinsured or unable to make a claim because of small print or legal complexities you weren’t aware of during the application process.
By arranging your insurance through us, you can ensure that you speak with an expert who can guide you through the process and ensure that the policy you are being sold is right for you and your individual circumstances.