What Insurances

Kuztardd

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clutton_2

buildings insurance is the only one which is compulsory

honeypop

Contents insurance, unless of course you can afford to replace all your possessions if something happens.

I don't have employment insurance or mortgage payment protection insurance as we use a combined type policy from Antinsurance which insures you for a set amount of money each month if you cannot work for various reasons, this covers all outgoings not just mortgage/loan payments. And is miles cheaper than what the lenders will offer protection for.

Will_it_make_me_rich

Income, mortgage, drainage and plumbing.

prudryden

(1) Building Insurance - A must.
(2) Contents Insurance - A must because of the Liability Insurance that comes with it. e.g. Someone trips over a rug and ends up in a coma. You will have to pay for that.
(3) Term Life Assurance - reduces as the mortgage principle reduces. Optional.
(4) Unemployment Insurance - Optional.
(5) Drains Insurance - Optional

zipwen1

dose anyone know of a good total mortgage protection plan
one that will actually be beneficial to take out, all the ones i have seen so far have had loads of clauses in them and don't pay for the first 3 months of a claim. or is this normal

prudryden

It is possible that the freeholder carries the Building Insurance and you are paying your portion back through the service charge. You want a copy of the Insurance policy for your records, so you know what is covered.

Term Assurance - This is the most common type of cover and is designed to pay out a lump sum (the sum assured) should the policyholder die during the term of the policy. This type of policy can be used for family protection or to cover an interest only mortgage where there is no reduction in mortgage debt during the term. These policies can be taken out on a single life or on joint lives ( in which case the policy would usually be designed to pay out on the first death).

Mortgage Protection - These policies are sometimes referred to as Decreasing Term Assurance as the level of cover is designed to reduce during the term. These policies are designed to cover a repayment or capital & interest mortgage and the level of cover will be designed to reduce in line with the reduction in mortgage debt.

SOURCE: Moneynet.co.uk

pauliney_2

Hi got renewal for plumbing and drainage insurance ,generally what it covers pipes underground block toilets etc would like to check if cheaper elsewhere any known webs sites thanks

Will_it_make_me_rich

I was under the impression that if say Seven Trent supplied your water then you would need Seven Trent insurance?
I did a search quite recently using google and their was a nation wide company that would insure drains and plumbing but only within your home. I can't remember their name.

pauliney_2

thanks for reply