Shared Ownership insurance

Paranoidjoy

Hello! I am a first time buyer who is in the process of getting a shared ownership flat. It’s all very new to me and I’m wondering what people have gone with regarding contents insurance? I’ve done some comparisons but I’m unsure whether to say I’m renting or have a mortgage (might sound silly but I don’t know which would the correct term as it’s both!) my mortgage broker has put me in touch with a company that help with insurance, however after reading MSE advice, it seems they might charge me for advice and get me a deal that is much higher in price. Any help regarding this would be so appreciated! 

Weighty1

Firstly, I'd be amazed if they charged you for advice and ultimately you could always compare the price they get you by getting some quotes yourself.

In regards toyour status, I'd consider which is the most true.  For example, if you are buying a 25% share of the property and therefore pay rent on 75% share of the property I'd suggest that you need to disclose yourself as renting but if you are purchasing 60% and paying rent on 40% then disclose yourself as a homeowner as you own the majority.

That said, it will be dependent on the individual company involved so if you get quotes why not phone up the company and check, then take the name of the person you spoke to and record the time/date and keep it somewhere for future reference if needed?

DullGreyGuy

They won't charge you for telling you how to complete their questionnaire based on your circumstances. Depending on exactly who the firm is they may however just generally be expensive. 

There is nothing special about buying contents insurance, shop around.