When you have finally found a home to purchase there are many other factors that you need to think about. Many lenders are not keen to proceed with a mortgage if you don’t have any buildings insurance in place (they are not concerned with your contents). The main reason for this is that there is a period between the transfer of ownership where the property might not be covered. If anything were to happen to the home in between this time the responsibility would fall on you. It usually becomes a condition of the sale and the mortgage offer being made to you for it to be in place.
Keeping up with all the news and development in the property and mortgage market is crucial. House Survey news and updates, for example, can be obtained by a visit to Sam Conveyancing. The financial world is fast-paced and ever-changing so it’s a good idea to be as informed as you can be.
Most building insurance policies cover the basics such as accidental structural damage. This can come from either third parties, the weather, or even yourself. These policies can usually be adapted to suit your needs and can take into account other factors. There may be extra protection or benefits such as emergency call out and temporary accommodation. Like most other insurance policies there is an excess charge but this is not always the case. However, the smaller the excess the larger the monthly payment.