Buildings Insurance is the one policy that is compulsory if you’re buying a house with a mortgage. Your solicitor will usually ask to see a copy of the policy around the time of exchange of contents.
This is the policy that ensures your property can be rebuilt or repaired in the event of a claim. It covers the main structure of your home and any built-in fixtures. Cover is given for events such as fire damage, storms, flooding etc.
Contents insurance is a policy that covers your personal belongings for a host of scenarios, such as accident, fire, or theft.
Buildings and Contents insurance can be taken out separately or as a joint cover. Everyone buying a house with a mortgage needs buildings insurance, but why not cover your contents at the same time.
Oak Financial will carry out a full review of your circumstances, along with your personal requirements, and give you a recommendation based on a range of quality insurers.
Here are our 3 most commonly asked questions around protection.
No, no mortgage lenders have made life insurance compulsory when you get a mortgage. However, it is highly recommended if you have a family and want to relieve any financial burden on them if you were to pass away.
There is no set cost for this type of insurance as it’s based on your individual circumstances and needs. Things like your medical history, height and weight and smoker status get taken into consideration when insurers give you a quote.
Like any insurance product, protection products won’t pay out if you didn’t disclose vital information when you initially made the application, or for fraud. Other than this, if the claim is for something covered under the policy conditions, it should pay out.
So that we can identify your options and the best next steps to take, have a free, no obligation chat with us. We will learn about and you and your circumstances in order to develop a bespoke plan of action.
As the mighty Oak Tree represents longevity, strength & stability, we specialise in forging long term relationships with our clients based on trust and honesty, to build solid foundations for their future.
Oak FS Ltd trading as Oak Financial is registered with the Data Protection Act 1998 Registration Number ZB473115 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1015779 and are an Appointed Representative of TMG Direct Limited which is authorised & regulated by the Financial Conduct Authority under Firm Reference Number 786245 and registered with the Data Protection Act 1998 Registration Number: ZA178200.
Think carefully before securing debts against your home. Your home may be repossess if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
