Insurance from your home
You should always insure your home’s buildings and contents against even such as fire, theft and accidental damage. In fact it’s so important that it’ll be part of your mortgage agreement to have a certain minimum level of buildings insurance. Your mortgage broker can help you with flexible and comprehensive cover.
Insurance for your mortgage
If you became unable to work because of an accident, illness or unemployment, paying your mortgage and maintaining your standard of living might be a problem. State benefits are not as generous as they used to be and far fewer people are now eligible. If you needed to claim, you could be in for a shock.
Protecting your family
It’s also important to think about protecting your loved ones, the family home and finances if you should die or suffer a serious illness. Life cover can pay out a cash lump sum which is designed to help clear your outstanding mortgage amount if you die or are diagnosed with a terminal illness. Critical illness cover can pay out a lump sum if you are diagnosed as suffering from any of a range of critical illnesses before the policy ends.
Protecting all of your loans
If your mortgage is made up of more than one loan - or you increase your mortgage in the future or add to the value of your home and your possessions - remember to consider whether you need to take out additional insurance so you stay fully protected.