Buying my first house

llh189

Im part way through buying my first house and not sure what insurance products I need.

I guess they should fallen in to:

Can't do without and would be nice to have.

Bit of info - mortgage about 100k

34, single and no dependents

have contents insurance with Barclays no claims ever made.

Have death in benefits scheme at work the will payout should I die to the tune of 120K.

No cover at work for longterm sickness.

What do you guys have and how much does it cost.

Thanks

EdwardR_2

Your death in service should cover the mortgage should you die but remember if you leave the scheme you'll loose that cover.

The other things you should consider are who would pay the mortgage if you couldnt through illness...... You should consider Critical Illness and Mortgage Payment Protection Insurance. MPPI is relatively cheap and would pay your monthly mortgage payment for up to 1 to 2years. CI can be more expensive but a must have, it would pay a one off lump sum.

Also make sure you get buildings insurance.

All really are must have. Some people see CI and MPPI as a gamble as it may never pay out. If you'd pay £30pm to insure your car or home why wouldn't you pay the same to protect against illness.

minimike2

You need to go and see an IFA really.

The above post doesnt even mention PHI, which for someone in your circumstances should be the number one priority.

You don't know what you want / need, so trying to do this yourself with the aid of opinion on the internet will end in disaster. Ask friends and family about any IFAs they may have dealt with and make an appointment.

dogbot

Hi there,
Just some thoughts on home insurance:


You will defiantly need to insure the buildings and register the mortgage provider as an interested party.

A nice to have: Since you are buying the property one could assume you are going to be doing some DIY, so purchasing buildings and contents accidental damage cover could be very valuable. It will be more expensive yes, but worth it if something terrible happens, from spilling paint on the carpet and curtains to accidentally setting the place on fire or smashing a pipe (or your builder smashing a pipe - not uncommon).

Similarly, and because you are taking on a property you know a bit less about, finding a policy that offers a fairly high personal/property owners liability limit could be good.

Getting an accurate buildings sum insured should be possible at this stage, just check with your surveyor to see if they include this or can calculate it for free or a small fee. The surveyor should also check for any past instances of subsidence/underpinning etc. Check to see if there have been past flood claims too if you can since you might be asked. For contents, remember to think about any new purchases of big ticket items you might be making for the home like a new sofa or white goods.