Hoskin Mortgages are currently working with Payment Shield who are one of the U.K’s leading insurance administrators and distributors. The company deals with some of the UK's best-known insurers and delivers premium products and services for us to pass on to our clients.
An important point to consider when purchasing your home is to always make sure there is a suitable Buildings and Contents insurance policy in place. If you are purchasing a property you are fully responsible for it from the point contracts are legally exchanged. If you are buying a new home with a mortgage, you won’t be able to exchange on your property until you have your buildings insurance, so don’t leave it to the last minute or it could delay your purchase.
Besides being the biggest financial commitment you’re ever likely to make, your home is probably the place where you feel most comfortable, spend most of your time and store your most treasured possessions. So regardless of whether you rent, own or share your property, it needs to be well-protected. Taking out appropriate insurance is a way of safeguarding your home and your belongings against whatever life might throw at you. From minor mishaps like a burst pipe or broken window, to major upheavals like a house fire or burglary, the right cover makes sure you don’t end up in debt or severely out of pocket.
Before you get bogged down in the details of different benefits, you need to be clear on what type of home insurance is right for you. And as a general rule, there are two types of cover:
1. BUILDINGS INSURANCE Buildings insurance usually pays for structural damage to a property caused by perils such as flood, fire and subsidence. It’s an essential purchase for anyone who has a mortgage. But it’s not something you normally need as a tenant, because it’s considered the responsibility of your landlord.
2. CONTENTS INSURANCE Contents insurance pays for many belongings that are damaged or stolen from your home. Along with buildings cover, it’s an important purchase for anyone who owns their own home. It’s also one of the insurances you may need as a tenant, in order to safeguard your belongings.
While it’s OK to buy buildings and contents insurance separately, claims often affect both the structure of your home and the things inside it at the same time. So if you want to avoid submitting and managing any claims with more than one company, it makes sense to use the same provider for both.
LANDLORD INSURANCE Whether you’re renting out your old flat or a whole string of high-end properties, traditional home insurance is unlikely to provide the right cover to protect your investment. Instead, you need specialist landlord’s insurance. As well as protecting your buildings and contents against loss and damage, it can safeguard you against problem tenants and other unforeseen costs associated with being a landlord.
DON’T BE FOOLED, NOT ALL PRODUCTS ARE THE SAME. Just like your home and its contents, your home insurance is a very personal thing… and different products suit different people. Some are more basic and focus on a lower cost. Then there are those that provide a more comprehensive level of cover, added extras to choose from and support when you need to make a claim. They all have their pros and cons, but ultimately it comes down to your individual priorities. Price is important, but the cheapest insurance in the world is no use if it doesn’t cover what you need it to. With this in mind, it’s worth being aware that the level of cover can be very different from one provider to the next. Plus, some providers like to include certain benefits as standard, while others prefer the pick and mix approach that lets you build your own cover. Again, they both have their advantages, but it can make like-for-like comparisons rather difficult.
If you are in need of any of the above or would like to discuss your current insurance requirements with us please get in touch. Initial enquires are free and you are under no obligation.
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