Property Insurance
Property Insurance
Buildings Insurance
Buildings insurance protects your property against insured risks such as fire, flood, subsidence, earthquake, lightning damage, damage from vehicles etc. It is a mandatory requirement of all lenders upon taking out a mortgage. A lender may specify within their mortgage offer whether you are required to take their own buildings insurance or if you can choose to place your business elsewhere.
Sometimes lenders will charge a small fee to customers, often around £30 if they wish to choose their own buildings insurance provider. The purpose for this is to cover the extra administration costs should the borrower choose another insurer, and also to discourage borrowers from arranging their own policy so the lender makes more profit.
It is important to note that the lenders insurance will provide adequate cover, but it not always the most competitive in terms of cost. It is also common for lenders to have their interest noted on your buildings insurance policy.
Contents Insurance
Contents insurance protects your belongings and furniture also known as chattels, (moveable objects) against all of the above and also theft and optionally accidental damage.
Also you can protect high risk/high value items such as bikes, items in your shed, jewellery, computers, and credit cards whilst at home and also whilst away from the home. This will incur an extra cost on your policy premium but is very useful. Some policies offer home emergency cover and legal expense cover at an extra cost. Conditions under which you may claim vary with each policy/provider so it is advisable to think about the level of cover you require and look at the policies terms and conditions carefully to ensure it matches your need.
Independent Mortgages Online Ltd can offer Buildings and Contents insurance from various providers, including Select and Protect, Paymentshield and Rentguard.
Costs vary depending on amount to be insured, post code area, excess and the policy holders previous claims experience.
If you would like a quote for buildings and contents insurance, or either in it's own right, please contact one of our advisors on 01282 861181 who can arrange your cover over the phone.