What Type Of Insurance Should You Get When Buying A House? 

Buying a home is an exciting time. But it, of course, comes with its challenges. Sometimes things can go awry either during the purchase or further down the line. In these situations, it’s best to be prepared. With the right home insurance, you can protect yourself against everything from having your possessions stolen or damaged to severe damage to your home. This guide will highlight the insurance you want to ensure you’re protected when purchasing your next home. 

What Is (And Isn’t) Covered By Home Buyers’ Insurance?

You might incur many possible expenses during the purchasing process before a sale falls through. Home buyer’s insurance will help protect you against some (but not all) of these expenses. Home buyer’s insurance will typically cover:

• Conveyancing fees
• Survey and mortgage valuation fees 
• Mortgage arrangement and lender fees 

The insurance terms can vary, often between 4 and 6 months, and offer cover up to several thousand pounds. 

A property purchase may fall through for a number of reasons. Whilst home buyers’ insurance will protect against some, it will not cover you for others. Home buyers’ insurance will not cover you if you withdraw an offer because the property is not as you expected (with the possible exception of information uncovered from surveys) or because of time delays. You will also not be covered against being unable to secure a mortgage.

Contents Insurance

As well as protecting your home, you will want to protect your possessions. For this, you will need contents insurance. Contents insurance covers everything within the home that isn’t part of the structure. This includes white goods, carpets and curtains, for example. This also covers your possessions such as electronics, furniture and clothing. They will be protected against damage or theft, covering the cost of replacing or repairing them. 

You will also probably want to cover the house move too. Some policies already include this, while others offer it as an optional extra. Check your policy to see if you’re covered. It’s also worth noting that many policies will be invalidated if you do not properly pack your items and use a professional moving company. 

Building Insurance

You will also require building insurance. This will protect you against damage to the property and cover the costs of repairs. In England, you are required to have building insurance before exchanging contracts. Your mortgage lender will likely require you to have building insurance before purchasing the property.

All home-owners in the UK are legally required to have buildings insurance as a condition of their mortgage regardless of whether the property is leasehold or freehold. The only exception to this is when purchasing a flat. 

Peace Of Mind And Security

Whilst we hope your home never suffers severe damage, your possessions are not stolen, and you don’t find yourself unable to work, this unfortunately happens. And in these tough situations, it’s far better to be prepared. Whether you are just putting your foot on the property ladder or moving into your dream home, this is a huge milestone and something worth celebrating. However, things could quickly change if the worst were to happen and you don’t have the right protection in place. Protect yourself, your home and your future with the right insurance. Explore your options and always ensure you get the right policy for you and your needs. 

Help Buying Your First Home

Buying a home can be daunting, especially if it’s your first time. Hopefully, this guide on insurance has helped put your mind at ease. Knowing you can protect yourself against all kinds of unfortunate situations is undoubtedly reassuring. If you want further guidance and reassurance, contact our team of mortgage advisors and insurance experts. Not all mortgages or insurance policies are the same. We’ll help you find the right ones. Our dedicated team of property experts can make securing a mortgage and buying your first home straightforward.

Learn More About Home Buying And Mortgages

If you want to learn more about home buying, check out our blog. We have lots of great guides helping you through each aspect of the home purchasing journey. For an overview of the whole process, start with “The Process of Buying a House“. Or, for help understanding the role of mortgage advisors, check out “Everything You Need To Know About Mortgage Advisors“.