Are you buying a home in 2025? You’ve sorted out your finances, found the perfect home to buy, and now all you need to do is move in? Don’t forget insurance as the last step! We are here to help — call us today to get all your insurance in order before you commit to buy.
When buying a home, you may need several types of insurance or want to consider. We will give you a quick runthrough of what you might need. But reply to this email for more details. Let’s jump in!
1. Buildings Insurance (Mandatory for Mortgages)
What it covers: Protects the structure of your home (walls, roof, floors) and permanent fixtures (kitchen, bathroom) from risks such as fire, flooding, or subsidence.
When you need it: If you're using a mortgage to buy the property, your lender will require you to have building insurance in place from the date you exchange contracts.
2. Contents Insurance (Optional but Recommended)
What it covers: Protects your personal belongings (furniture, electronics, clothing) against risks like theft, fire, or water damage.
When to consider: Useful once you've moved in to protect your possessions.
3. Life Insurance (Optional but Common)
What it covers: Ensures your mortgage will be paid off if you pass away.
When to consider: Often recommended for homeowners with dependents or joint mortgages to provide financial security for loved ones.
4. Mortgage Payment Protection Insurance (MPPI) (Optional)
What it covers: This helps cover your mortgage payments if you lose income due to illness, accident, or redundancy.
When to consider: Worth evaluating based on your job security and savings.
5. Income Protection Insurance (Optional)
What it covers: Provides a percentage of your income if you're unable to work due to illness or injury.
When to consider: A broader option compared to MPPI, as it can cover all living expenses, not just the mortgage.
6. Critical Illness Cover (Optional)
What it covers: Provides a lump sum if you're diagnosed with a serious illness, which can help pay off the mortgage or cover other expenses.
When to consider: Often sold with life insurance but can be standalone.
Would you like help finding providers or understanding costs? Give us a call for more details!
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