How much insurance to i actually need?! - FTB

CJ2512

Just buying our 1st house and hoping to complete within the next few days but i am just a bit overwhelmed with the amount of insurance and wanted some advise on what i would actually need. I am in full time employment working for my local authority and my fiance is self employed - anyone have any suggestions?

I think i need the following

Building and Contents
Life
Acc. Sick & Unemployment

Is that right or am i missing anything?

Hope someone can help!

Thanks

FTB83

Someone more knowledgeable will probably be along soon, but we were in the same position as you less than a year ago and plumped for:

Buildings and Contents insurance
Life assurance and critical illness cover (linked to the mortgage amount as it decreases over the years)

We should also have unemployment cover, but that's something that's fallen by the wayside at the moment - we were on a tight budget and the house, life and CIC took priority.

I think that's everything. One of the biggest issues we had was with the critical illness cover - if you do a search for it on this forum, you'll see that there are other options available which can be more comprehensive or cheaper. It is certainly the more expensive part of the policy, especially if you smoke or have existing illnesses.

Best of luck on the house buying - it's a really exciting time, but I can remember how stressful it was to organise not just the sale and the move, but also the insurance, setting up of utilities, TV licence and all those other little things that you just don't think of instantly.

FTB83