You’ve got your home, now you need to think about insuring it. All lenders will require buildings insurance as a standard to completing on a mortgage. They would never lend without the asset being protected from adverse outcomes such as fire destroying the building. It is key to look at contents insurance as well.
"It’s great knowing my home is covered with the best insurance available on the market. Tony made the process extremely simple as well, thank you."
"Great advice, simply given and well executed. True Advice went out of their way to make sure I was covered properly. I couldn’t be more grateful."
Buildings and contents insurance as a whole can give you complete cover of your assets and possessions. This protects you from life’s unexpected circumstances and with the combination of both you have whole protection. If you have buildings without contents and your home burnt down, guess what, that’s all your stuff gone and not a penny for it. You’d have the building back but your sofa, your TV, your bed, they’re gone. But what about all your prized possessions, in the case of a pipe bursting and all of them being ruined, how can you protect them? That’s when contents cover comes in. You never know when disaster could be about to strike and damage part of your home including it’s contents, it’s key to have this covered.
All homes are different in size, shape and value. How do you know exactly what you need to be fully insured? When it comes to the building, insurers generally will insure a building for it’s reinstatement value. This means that if your building would cost £100k to re-build, that’s what it would be insured for. The only issue with this, is it doesn’t track with inflation or the fluctuation in price of building materials and costs. The way we get around this is by using our Defaqto 5 star rated insurance products. We quote from insurers on the Uinsure panel who are all Defaqto five star rated. The way this helps you in the buildings side of insurance is that they cover you in excess of the reinstatement value. So there will always be enough money in the pot to cover you. You can use the Uinsure compare tool linked here which compares the Uinsure 5 star products against other products across the market.
The first question I’d ask you here is, do you want to compromise on the quality of insurance? Does cheap insurance really do the job? Do you want to have second rate cover and risk not being covered enough for an outcome or not even being covered at all? I’m sure you don’t. When it comes to the important things in life like your home, it’s vital to have the best cover in place. On top of these being the best products they are also very competitive with market rates. The rates often come in similar or cheaper than clients current or past coverage. The rates we have found have often come out cheaper than clients current insurance in place. So getting us to look at this is a no brainer.
You have your buildings and contents covered, what else can you get insured? You can get life insurance to cover the outstanding mortgage amount. Family income benefit to protect the household income going forward. Income protection to make sure you are getting an income if you are off work for an extended period of time. Key person cover if you have a business that you want to make sure survives the loss of of a key worker. All of these products are worth looking at to make sure you are protected as well as protecting your building through buildings and contents. Life throws unexpected spanners in the works all the time which we need to be covered for. Statistics from Finder show that insurance protection policies have been declining each year for the past four years. With UK households seemingly neglecting the idea of protecting themselves. Don’t let yourself be one of these households. They also state that 42% of people with a mortgage have no life cover to protect it. This could mean that if you are married and one of you passes away you would be left with the full burden of the mortgage payments whilst also having to deal with your loss. I don’t think anyone wants to talk about money when grieving for a loved one. Can you also imagine having only building insurance in place and a pipe bursts ruining your whole bedroom? That would wave goodbye to all the contents and you would have to buy them all again. Being thoroughly insured in this instance is very important as you can see. It’s very important to consider buildings and contents together.
Whether you have buildings and contents insurance currently in place and are looking at a better deal or what the market has to offer. Or if you are buying a new property and need a buildings and contents quote, we can help. With access to our great five star panel as previously mentioned, you will be getting the best buildings and contents insurance the market has to offer. Often we find that to go with our great product offering, we beat clients existing prices. But I haven’t revealed the bast part about our buildings and contents insurance advice…
Yes, you read that right, it’s free. We offer free, no obligation advice on home insurance. So to get a quote off of us and proceed to having the insurance in place costs absolutely nothing. With this sort of offering you can’t go wrong. We even encourage you to get comparative quotes so we can check we are still market leading in quality and doing well on price. So Get in touch with us today to discuss your insurance needs. Please do be advised as well that we also cover the full remit of financial advice including pensions, investments & mortgages.
Equity Release plans are not right for everyone. And it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use an equity release product, you choose one that meets your needs.
Remember that taking an equity release plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without penalties.
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