Buying a house

As well as having a Life Insurance policy you will also want to invest in Home and Contents insurance.

Home and Contents insurance can cover the cost of repairing or replacing your home in the event of fire, high winds and vandalism. It can also protect the contents of your home; electronics, furniture, chattels and other valuables. However, in order to claim for accidental damage i.e stains on the new carpet, you’ll also need to ensure your policy includes accidental damage cover.

When you purchase your house and contents cover, you’ll be able to select how much cover you would like to have. Bear in mind; the higher your level of cover the higher the premiums, however depending on the insurance policy you may need enough to enable a full rebuild

The best time to get your Life and House insurance policies is as soon as you’ve signed the Sale and Purchase Agreement and been handed the keys to your new home. That way you’ll know exactly what your financial commitments are how much you’re likely to need if you’re forced to rebuild.

It might be tempting to get cover before you’ve even bought a house. And you can. There’s no harm in having a Life Insurance policy if you’re in long term relationship and living together in a rental property. However when you do finally take out a mortgage and buy your first home, it will pay to reassess your level of Life Insurance cover, as your needs are likely to have changed.