Which insurance is necessary when buying a flat?

agav

Hi there,
I'm hoping someone can help me...
Me and my husband are about to buy a 50% share of a flat (part buy part rent) and are taking out a £50.000 mortgage.
We need to get some form of insurance but after having a look around we are just sooo confused!
What insurance is really necessary?
We have very low monthly income as my husband is the only one working and I only get DLA (I have a chronic disease) so we want to spend as little as possible but get a sufficient cover.
I will be very grateful for any tips.

dogbot

You are best to find a good independent IFA (i.e. not someone who works for a mortguage broker, building society or bank) for help.

You really need to get some contents cover (it isn't just covering contents, but also your personal liability, alternative accomodation if your home becomes uninhabitable follwoing an insured event and more). If in Scotland you probably need buildings cover, if in other parts of UK then the freeholder will sort buildings out but you will probably pay for it via service charges.

If your husband is the only one working, then it is probably a good idea to get him some income cover/PHI. An IFA will go over all the options and get you quotes from good companies for good products.