If you’re buying your first home you’re probably asking what insurance do I need? There are lots of different types of insurance available so you might find the choice a bit overwhelming. So that’s why we’ve put this article together to talk you through everything you need to know about protection. That way you'll know how to get the right cover for your needs.

What are the different types of homeowner insurance?

None of us knows what’s around the corner which is why we take out insurance to offer protection against things like if our home gets damaged or if we become ill and can't work. But what are the different types of homeowner insurance?

When you buy a property and take out a mortgage our protection advisers can help you with:

  • Life insurance
  • Critical illness cover
  • Buildings insurance and contents cover
  • Mover protection

So if you want to find out more about these different types of homeowner insurance then read on!

Life insurance
Noone likes to think about the worst happening but unfortunately the reality is for some people it does. And that’s why we have life insurance because it’s designed to offer your family a financial safety net if you pass away in the duration of the policy. Life insurance is usually paid out as a tax-free lump sum.

However some policies pay out at fixed intervals until the policy expires. And having a policy in place means that your loved ones won’t need to worry about how to pay the mortgage or other expenses that your income used to cover if you're not there anymore. While you don’t need to be a homeowner to have life insurance it’s common for people to take it out when they buy their first home. So if you're asking what insurance do I need it's an important one to consider.

How much cover you’ll need will depend on your circumstances so speak to our team of specialist protection advisers to chat it through. While it might not seem like the most upbeat thing to think about, once you’ve put life insurance in place you can forget about it safe in the knowledge that it’s sorted.

Critical illness cover
With critical illness cover you’ll get a tax-free lump sum upon diagnosis of certain illness during the term of the policy, in the event of a successful claim. And you’ll be free to spend this on what you wish.

Home insurance: Buildings and contents cover
With buildings insurance your policy will cover the cost of repairing damage to your home’s structure such as if your home is flooded or if there's a fire. And it’s important to note that mortgage lenders will usually require you to have a buildings insurance policy in place. So if you're asking what insurance do I need, this one is essential. While contents insurance covers your possessions, such as devices like TVs, furniture as well as jewellery. Putting cover in place means that if your possessions were damaged or stolen you can make a claim.

What insurance do I need: Mover protection
And have you heard of Mover Protection? If you're buying a home it's important to find out about it because it’s designed to protect you if your transaction fails for reasons outside of your control. So if you have a Mover Protection policy and this happens to you it means you could get compensation to cover things like legal and survey costs up to a specified limit if the seller accepts another offer or withdraws.

So if you're asking what insurance do I need there’s a lot to think about which is where we can help. Why not get in touch with our team of expert protection advisers who are here ready to answer any questions you have about protection and help you choose the right protection for you too.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

For insurance business we offer products from a choice of insurers.