As we all know, things can go wrong, that’s why it is important to have protection and be insured. Insurance is a safety net, to ensure that when something does happen, it minimises the impact. The Mortgage Brigade™ can offer indispensable advice that factors-in all aspects of your life, home and family to make sure that you are getting the most out of your insurance cover.
Buildings Insurance Cover:
Building insurance is a mandatory requirement that all lenders look for when arranging a mortgage, regardless of whether you’re buying a property or remortgaging. When purchasing a leasehold property this may already be covered by the monthly or annual maintenance charge. If you are purchasing a freehold property it’s likely that the buildings insurance will need to be covered by you and you will need buildings insurance in place for the exchange of contracts.
What does building insurance cover?
Building insurance covers the fabric and permanent fixtures of your home, such as: the roof, walls, ceilings, floors, doors and windows, fitted kitchens, built-in cupboards and bathroom suites. A standard buildings insurance policy should cover the full cost of repair or a full rebuild in case of: a fire, lightning strike, storm damage, gas explosion, falling trees, earthquake, vandalism, vehicle collisions with the building or bursting of the plumbing.
Contents Insurance Cover:
Aside from building insurance it’s also important to ensure that the contents of your home is insured. Contents insurance isn’t compulsory, but it offers homeowners valuable protection for their belongings in the event that they were stolen or damaged.
What does contents insurance cover?
Contents insurance covers your possessions against loss or damage by theft or attempted theft, fire, explosion, lightning or earthquake. It will also insure against water leakage, storm or flood damage. The ‘contents’ of your home is defined by insurers as the sort of things you would take with you if you were to move to a new house, so it includes items such as furniture, clothes, electrical items, money and jewellery. Contents insurance may also cover some fixtures such as carpets and curtains.
When arranging contents insurance, you set the maximum level of cover the policy will pay out if, for example, the contents of your home are completely destroyed, so it is important to make sure you have the right level of protection. Many of us do get this figure wrong and experts estimate that one in five households could be underinsured because they do not know the true value of their home contents.
It can help to go through your home room by room and make an inventory of your possessions – they will probably add up to more than you think. Don’t forget to include items that are in the loft or stored outside in the garden and shed.
Buy To Let / Landlords Insurance:
Home insurance cover for your residential rental property
Your let property is an important part of your finances, so you need to know it’s insured with a trusted provider. We’re here to help. Whether you’re a buy-to-let landlord or an accidental landlord, we can offer a competitive illustration.
Buy to Let
multiple property portfolios
properties held in a company name
portfolios including commercial/semi-commercial properties
Commercial Property Insurance:
Insurance products and services for businesses of any size
The Mortgage Brigade offers commercial insurance products that are as diverse as our customers’ businesses which range in size from sole traders and small to medium sized enterprises (SMEs) to complex multinational companies.
Contractors All Risk
Commercial Property Owner
SME Products (including Tradesman & Employers Liability)
Directors & Officers
Risk Management Packages
Life insurance provides a lump sum that is paid tax free, to your dependents in the event of your death. Life insurance can also be known as term insurance and there are two main ways in which the cover can be arranged:
1. Level Term Assurance: this type of policy is where the amount of cover, which is also known as the ‘sum assured’, remains at the same level thorough the length of the policy. This type of policy is often taken out to help pay off a mortgage and is most suited to interest only mortgages, where the amount owed does not decrease over time.
2. Decreasing Term Assurance: again this policy pays out a cash lump sum in the event of death, but the amount of money paid out decreases over time. These policies are a good fit when taken out alongside a repayment mortgage so that the amount paid out is the same, or close to the amount left on the mortgage. As the amount of cover decreases over the length of the policy, the premiums are typically cheaper than they are for level term assurance.
Critical Illness Cover
Critical illness insurance provides you with a tax-free cash sum in the event you are diagnosed with one of a list of common defined critical illnesses. The cash sum you receive can be used however you like but is designed to take the financial burden off you during a difficult period in your life. Critical illness, like life insurance, can be a fixed lump sum or can decrease in line with your mortgage.
Family Income Benefit
Family Income Benefit pays out in the event of death, but instead of a one-off lump sum of cash, it pays a regular, tax-free income until the end of the policy term. This can be a suitable option for people who would rather that their dependents receive a regular income, rather than a one-off lump sum.
In the event of an accident or sickness income protection insurance pays out a monthly income to cover a proportion of your salary. You decide at the outset how many months before the policy will pay out (the deferment period) and how long it will continue to pay (the benefit period).
This can be until you are either well enough to return to work, you reach retirement age or the policy term ends. Income protection insurance provides you with the peace of mind of a regular on-going income that can help you maintain your lifestyle should you fall ill or have an accident and are unable to work.