Protecting your home
When purchasing or remortgaging your home in Colchester, protecting the building and your personal belongings is a smart financial decision. Whether you’re looking to have just building insurance to satisfy mortgage requirements or looking for full protection with contents insurance, our team of expert insurance advisors in Colchester can help you make an informed decision.
Why do I need home insurance?
There are two types of insurance that you can purchase. Building insurance is a requirement, and having content insurance is peace of mind. Both are equally important and designed to protect you if the worst happens.
Buildings Insurance
When obtaining a new mortgage, regardless of whether it’s a remortgage or a mortgage for a new home, you should have buildings insurance in place before any agreements can be made. This is to protect both you and the lender from any potential issues in case of something happens to your home. Our team at My Mortgage Broker can help you source the best building insurance during the mortgage process, so that you can concentrate on finding your dream home.
Contact our team for help in finding the right building insurance.
Contents Insurance
Contents insurance is different to buildings insurance, as it only protects your personal belongings. Whilst it’s not mandatory when taking out a mortgage, it’s particularly useful to have combined with buildings insurance, as it protects you in the event of theft or fire, so that you don’t need to find the funds to recover your personal belongings and instead only pay an excess for brand-new items.
Speak to our advisors who can help you find the right contents insurance.
Benefits of Building Insurance
Aside from the mortgage requirement, the benefits of having building insurance are substantial. Not only are you protected financially in the rare event of rebuilding structural parts of your home in case of major damage, but you’ll also have the peace of mind from knowing you won’t have to take the brunt of paying out for any issues that may arise.
Some of the benefits include:
- Financial security and preventing significant financial hardships
- Coverage for major damage in the event of floods, storms, or vandalism.
- Protection of structural and fixtures within the home, such as electrical or roofing.
If you need help in finding the right building insurance:
Benefits of Contents Insurance
Taking out contents insurance is a smart financial move, as the benefits far outweigh the costs. Having contents insurance ensures that your personal belongings are protected in the event of damage, from a fire, flood, or theft, and with many policies offering a range of coverage, your peace of mind is the most beneficial aspect of the policy.
Here are a few examples of the benefits:
- Financial Protection on everyday household items and items with sentimental value.
- Coverage for specific events, such as fire, flood, theft or vandalism.
- Some policies can cover items outside the home
If you’re unsure whether you should take out contents insurance, or unsure which level of coverage you should take, speak to our team, who are more than happy to help.
Mortgage Services
Our mortgage advisers in Colchester handle the whole process from consultation to completion. This includes checking your personal circumstances, submitting application, paperwork and communication with parties involved.
Buying a Home
Find the right mortgage solution for you.
First-time Buyer
All you need to know about purchasing your first home.
Remortgage
Experts at sourcing the right deal for you.
Buy to Let
First-hand knowledge of the Buy to Let market.
Frequently Asked Questions
Is it a legal requirement to have building insurance?
Simply, no. It’s not a legal requirement to have building insurance, but it is required by some mortgage lenders. So whilst you won’t get in trouble with the law by not having building insurance, you may find it more difficult to obtain a suitable mortgage to buy or remortgage your home.
Why do mortgage lenders require building insurance?
To protect the asset they’re lending on. Whilst in all intents and purposes it’s your home, the lenders are lending considerable amounts of money and need the protection in case of any major structural damage from floods, fires, storms, or other unforeseen events. This would otherwise leave you unable to repay your mortgage due to the rebuilding costs that will arise from repairs.
If I have contents insurance, do I need building insurance?
Unfortunately, whilst it’s great to have contents insurance, that alone will not help you obtain a mortgage. You will need to take out building insurance to get a mortgage, which our team can explain in more depth.
Will my credit score affect my home insurance?
It can, as insurers use your credit rating to assess the risk and cost of your policy. If you are unsure whether your credit score will affect your building or content insurance premiums, speak to our team, who can advise you on the right course of action in this case