FTB advice on types of insurance needed

dragilex

I'm looking to buy a house for 125k. This question is specifically what kinds of insurance do I need to research?

I know I need life insurance and I will need house insurance. But I'd like some advice on the different types and what's good. Are there any other insurances that are needed? Like a mortgage protection insurance?

G_M

How long is a piece of string? You can insure against all sorts of disasters!

Critical Illness - in case you can't work due to illness. Beware cheaper ones exclude many deseases (eg cancer) so understand what you are buying

Buildings - in case your house burns down.
Buildings accidental damage - in case you accidentally pull the gutters off while cleaning them

Contents - in case your DVD is stolen
Contents accidental damage - in case you accidentally smash you own DVD while.. oh, I don't know.. dusting it
Contents away from the home - in case you are mugged and you DVD is stolen as you carry it to the repairers

Life (as you said) though only if you have dependants eg wife, kids (if not, as you'll be dead what good is the pay-out??!

Redundancy - in case... well you get the idea! (but again - read the smallprint!!) no good if you're self-employed of course.

mortgage protection - overlaps with redundancy and illness insurance so compare carefully the costs/benefits of each

Pet - in case your !!!!! gets sick (edit: amazing! the pet I entered here was censored by the site!)

Boiler insurance - in case your central heating breaks down

Electrical cover - in case....

Drains - in case your external pipes break

enough to consider??

The only two that might be compulsory under your mortgage terms are the buildings and mortgage protection. If offered these by your lender, shop around before agreeing. You don't have to get it from them.

Fire_Fox

Articles on the main MSE site explain the value of each type of insurance.

nomnomnom

G_M wrote: »

Pet - in case your !!!!! gets sick (edit: amazing! the pet I entered here was censored by the site!)

Did you say !!!!!? :rotfl:

dragilex

G_M wrote: »

How long is a piece of string? You can insure against all sorts of disasters!

Critical Illness - in case you can't work due to illness. Beware cheaper ones exclude many deseases (eg cancer) so understand what you are buying

Buildings - in case your house burns down.
Buildings accidental damage - in case you accidentally pull the gutters off while cleaning them

Contents - in case your DVD is stolen
Contents accidental damage - in case you accidentally smash you own DVD while.. oh, I don't know.. dusting it
Contents away from the home - in case you are mugged and you DVD is stolen as you carry it to the repairers

Life (as you said) though only if you have dependants eg wife, kids (if not, as you'll be dead what good is the pay-out??!

Redundancy - in case... well you get the idea! (but again - read the smallprint!!) no good if you're self-employed of course.

mortgage protection - overlaps with redundancy and illness insurance so compare carefully the costs/benefits of each

Pet - in case your !!!!! gets sick (edit: amazing! the pet I entered here was censored by the site!)

Boiler insurance - in case your central heating breaks down

Electrical cover - in case....

Drains - in case your external pipes break

enough to consider??

The only two that might be compulsory under your mortgage terms are the buildings and mortgage protection. If offered these by your lender, shop around before agreeing. You don't have to get it from them.

Just what I needed!!!

dragilex

Am I right when I say that you don't need any insurance/assurance in place when you apply for your mortgage? It's only when the mortgage application completes and contracts are exchanged that mortgage/life assurance and house insurance needs to be in place?