Everyone needs building insurance. It doesn’t matter whether you live in a modest flat or a 7 bedroom detached house; if you’re purchasing property with a mortgage, you must have building insurance. It’s a mandatory requirement for all lenders.
The ins and outs of your insurance will vary depending on what you need and what you’re able to pay, as well as the type of property you buy. For example, a thatched roof cottage will likely require specialist insurance because of the increased fire risk, as will a home with a timber frame. On the other hand, a terraced house and a detached house could have the same insurance package, but the price would be scaled to suit.
Whatever the house type, it’s also important that you insure the contents of your property. Contents insurance isn’t compulsory, but it helps you protect the belongings that fill your home.
Our protection team at John Charcol find you bespoke insurance deals. We also make sure that your insurance is set up when it needs to be, alongside your mortgage application. That way, everything falls into place at the same time and you won’t face any hiccups that could stop you from moving into your home.
