Insuring Your New Home
Moving home is a very busy period, but it’s important to set time aside to ensure you have all the relevant insurance policies in place.
Buildings insurance
It might feel easier to put off insurance until you have got settled in your new home, but buildings insurance must be in place from the exchange of contracts. At this point, you will usually become legally responsible for the property, so you need insurance in case your home is damaged by events such as a fire, flood or vandalism. Most mortgage lenders will require proof of your buildings insurance policy before they release mortgage funds.
Content insurance
It is strongly recommended that you take out contents insurance at the same time as buildings insurance. This will cover your personal belongings in cases of loss, theft or damage. You can take out a combined buildings and contents insurance policy - speak to an adviser to understand what is best for you.
Life insurance
As a homeowner, you should seriously consider life insurance – this essential cover could help your family to keep up with mortgage repayments if you were no longer around to support them.
As with all insurance policies, conditions and exclusions will apply.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources:
https://www.independent.co.uk/money/house-home-insurance-property-policies-expenses-b2977228.html
https://www.frontierinsurance.co.uk/blog/what-insurance-do-i-need-when-buying-a-house
https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy?utm_source=chatgpt.com
