First time buyer navigating Insurance

stmoor896

Hello, 
I have recently bought a flat with my partner and have been advised by my broker to take out the following insurance. 
- Income protection
- Life protection 
- Critical illness 
- Mortgage protection 
- Building Insurance 
Would anyone be able to advise re companies they could recommend? 
Secondly, the above seems like a lot of insurance to take out, I was wondering if anyone could advise re what insurance they feel is vital and if there is a way of procuring a deal which covers all of the above? I am a total newbie re when it comes to insurance and would welcome any advice which runs through the basics. The quote I received from my broker seems astronomical and I wanted to carry out my own homework before I dive in. Thank you 

theoretica

Building insurance is probably a requirement for the mortgage - but might be covered by a service charge for the flat, you will need to check on this.  Also think about contents insurance.

All the others come under the heading of how will you cope if one of you falls ill/loses job/dies and you need to work out what you as a couple need.

A good place to start is reading here https://www.moneysavingexpert.com/insurance/

Sandtree

- Income protection
Comes in a couple of flavours but the full fat version gives you a monthly payment up until your specified retirement age if you are too ill to do your job. This is something you may get from work anyway but you may want to consider your future work plans here. Personally this one is fairly key to me if not provided for by your employer.

- Life protection 
Pays out if you die, generally to provide for those financially dependent on you in the absence of your salary. If you are a househusband/wife little point getting it but if you work and have a partner or young kids certainly a strong consideration.

- Critical illness 
Pays out a lump sum if you get one of a specified list of conditions; doesnt payout for all illnesses that could be described as critical. Personally its more of a nice to have but there are those that have claimed that are happy they had it as whilst fit to work after treatment the cash has given them the opportunity to only go back part time or such

- Mortgage protection 
Is the budget version of income protection however normally also includes some level of unemployment protection from redundancy and in this case is tied to the mortgage repayments rather than your income amount.

- Building Insurance
Covers the fabric of the building itself however for flats, unless you are in Scotland, the freeholder normally insures the whole building rather than each flat buying their own buildings insurance. Check the terms in your lease on buildings insurance.

The one thats missing from the list is Contents insurance which would be much more relevant for a leasehold flat owner! You may also want to think about if the contents insurance needs to cover "tenants improvements" or not depending on your plans for the property... ie if the flat had a major fire the freeholder's building insurance would put in a new kitchen but it'd only need to be at the specification of the original kitchen however if you plan to replace the kitchen and have Miele appliances etc your own insurance could cover this upgrade.

coachman12

I think theoretica has said all that needs to be said in the post above. And the mse link provided is indeed a big help. All the best to you both in your new home, stmoor.