PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Building Insurance & Income Protection

We are in the process of buying our first home and I wanted to check what we'd expect to be paying for building insurance on a 1st floor maisonette?
I've also been told some insurers don't lend of 'flats', is that right? do you any of yo know why?
Then also I've been advised to take out Income Protection insurance by the mortgage broker. Is this usual? I have life insurance already in place + critical illness cover.
Thanks :)

Comments

  • SaverRate
    SaverRate Posts: 961 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 21 June 2023 at 12:56PM
    Re Income Protection Insurance, you would be better to speak to a whole of the market insurance broker rather than mortgage broker. Normally you don't have critical illness and income protection but depends on your needs

    Put the house into a home insurance comparison site and you will get quotes that way. In my opinion I always add legal cover and home emergency cover. Don't always go with the cheapest insurer and check the policy covers your needs, as generally the cheapest ones don't! 

    I would recommend AXA and Aviva (or Quotemehappy which is part of Aviva) but depends how expensive they sit for you. 

    I wouldn't recommend Churchill, direct line, Privilege etc and their companies based on previous experience. 
    FTB - April 2020 
  • user1977
    user1977 Posts: 17,433 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 21 June 2023 at 1:02PM
    KBodd said:

    I've also been told some insurers don't lend of 'flats', is that right? do you any of you know why?

    If it's a flat in England or Wales, they are almost exclusively leasehold, and it's the freeholder who arranges the buildings insurance (and charges you for your share). So if you want to know how much that costs, you find out from the vendor (or your solicitor will).
  • caprikid1
    caprikid1 Posts: 2,413 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    "Normally you don't have critical illness and income protection but depends on your needs"

    I think the above is probably more important than life insurance to be honest, certainly more likely to occur in the term of a mortgage.

    As has been stated depends on your needs
  • propertyrental
    propertyrental Posts: 3,391 Forumite
    1,000 Posts First Anniversary Name Dropper
    Are you married/have a partner?
    Kids?
    Does that partner work?
    If you lost your job, died, or became too ill to work, could your partner pay the mortgage and support the kids?
    Who would care for the kids if your partner had to work? grand parents or paid-for child minders?

    The answers to the above will help you decide which risks you want to insure against (if any).

    A single person with lots of savings might not bother with any. A married person with 7 children might want all!
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.2K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.1K Work, Benefits & Business
  • 597.5K Mortgages, Homes & Bills
  • 176.5K Life & Family
  • 256.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.