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Building Insurance & Income Protection

KBodd
Posts: 1 Newbie
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
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

0
Comments
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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 20200 -
KBodd said:
I've also been told some insurers don't lend of 'flats', is that right? do you any of you know why?0 -
"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 needs0 -
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!0
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