The risk for insurance may pass from seller to buyer on exchange of contracts or completion depending upon the terms of the sale contract. The buildings insurance must be adequate to cover the fabric of the property and reinstatement costs.

If you have a mortgage, the lender will normally arrange insurance, but you must check with the lender to satisfy yourself of both the sum insured and the risks covered.

You may wish to effect insurance separate from your lender, in which case we would be pleased to assist you - ask for our Home Policy details. We draw to your attention that standard buildings insurance policies have certain exclusions.

The policy terms and conditions should be carefully examined so that you are fully aware of any limits to cover. You should note the Insurer could disclaim liability if you do not comply with the terms and conditions of the policy, or if you fail to give an accurate signed proposal with full disclosure on all relevant matters.

You will need to arrange separate cover for your personal belongings as well as the fixtures, fittings and furniture under a contents policy. Empty property - please note that standard insurance provisions may not apply to unoccupied property, or property that is left vacant beyond a given period. If the property is leasehold, the landlord may insure the property under a block policy. In this case you will still have to arrange your own insurance of contents, and in the case of a flat, possibly the internal walls, windows, glass and finishes.

May we remind you that if you are not purchasing with the assistance of a mortgage, you will need to arrange both buildings and contents insurance yourself. If you would like us to help, please ask. The risk for insurance may pass from seller to buyer on exchange of contracts or completion depending upon the terms of the sale contract

We advise all our clients to take specialist, independent advice before locking in to such major financial investments and obligations.

Buildings Insurance Cover

If you have a mortgage, your mortgage lender will require this insurance as a matter of course. It is in the interests of both the borrower and the lender that a property subject to a mortgage is adequately insured, since a property is a substantial investment which could be susceptible to a whole variety of possible accidents or damage which could seriously affect its value or marketability. Buildings Insurance cover safeguards your property against these perils, protecting both you and the mortgage lender.

Contents Insurance Cover

Contents Insurance, as its name implies, insures the contents of your property, (such as your personal possessions like furniture, jewellery and other personal effects) from fire, theft, damage etc. The level of cover is highly variable and can readily be tailored to meet the personal requirements and the budget of the insurer. Whilst this type of cover is clearly different from Buildings Insurance cover, it is possible to combine both under one insurance policy.

Mortgage Protection Insurance

Mortgage Protection Insurance policies are an inexpensive form of cover which provide for the outstanding debt under a mortgage to be repaid in full in the event of the premature death of the borrower.

• The sum assured decreases over time as the mortgage is repaid. No profits accumulate and the policy lapses at the end of the mortgage term.
  
• These policies are best suited for those with capital and interest mortgages who wish to pay as little as possible for life cover.
  
• Many lenders have block arrangements with specific insurers involving quick and efficient underwriting procedures.
• Premiums can frequently be collected along with the monthly mortgage repayments.
  
• The medical evidence to be submitted for such policies is usually minimal, another useful benefit.
  
  

Permanent Health Insurance

This type of policy pays an income to the policyholder if an accident or illness prevents the insured from working and earning a living. The term of such policies normally coincides with the person's planned, or actual, retirement date. Benefit levels are generally set so that the insured cannot earn more from not working than from working.

Critical Illness Insurance Cover

Critical Illness Insurance policies provide a tax-free lump sum payment upon diagnosis of one of a specified critical illness. The range of conditions covered will differ from insurer to insurer. These illnesses do not necessarily have to be terminal, although most terminal illnesses are covered by such policies. Cover in the event of disability is often also included in such policies. The main purpose of this sort of cover is to provide a lump sum to meet the additional costs that someone may face if they are diagnosed with a serious illness.

Accident, Sickness and Unemployment Insurance Cover

These policies have become common in recent years because they are relatively inexpensive and easy to understand. ASU is considered to be a general insurance contract whereby a regular income is provided if the insured is unable to work because of an accident, sickness or redundancy. ASU cover has become a popular way of protecting the repayment of capital and interest payments under a mortgage so the insured can rest easy that the mortgage can at least be paid during such a difficult period. A whole range of different policy variations are available

Endowment Insurance Cover

Endowment policies combine life assurance benefits with long-term savings and investment. A range of full and low-cost endowment policies are available in the market today and are frequently used as an integral package with the mortgage. If desired, they can actually be purchased as separate protection and investment products.Endowment policies are significantly more complex than mortgage protection-type policies and significantly more expensive because they provide financial benefits out into the future.