Once you’re a homeowner, it’s only sensible to make sure your property is properly protected and insured against risk.
If you have a mortgage, you are required to insure your house against potential damage, subsidence, fire and other risks. You will also want to protect the value of your contents against these risks and theft. If you own the property subject to a mortgage then your lender will want to see evidence that you have at least insured the property before they will advance you the mortgage sum.
In addition to insuring your property though, you may consider it prudent to insure your life. After all, if the worst happens and you are knocked down by the proverbial bus, your property will become part of your estate and, crucially, it will still be held subject to a mortgage that needs to be repaid. If you have no spouse or children then you may feel that this can be somebody else’s problem, but if you have equity in the property you would best protect it by insuring your life and ensuring that if you die, you are able to leave your assets free and clear to your chosen beneficiary.
Exactly what insurance you will need and how best to arrange it is up to you and you may need advice to help you in this regard.
For more information contact us or speak to an mortgage protection advisor on 01628 507477.
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