Do You Have To Buy Building And Contents Policies

When deciding to buy a new house, most things have to be considered very carefully indeed

. The location is incredibly important. The size of the house is too, and how it will suit the needs of the whole family are weighed in the balance. Building and contents insurance must be chosen with the same amount of care and attention to detail.

Many mortgages require that at least buildings contents is in place. This can be actually a part of the terms and conditions of the mortgage itself. The mortgage lender must protect their investment so that they are sure that their lending is secure.

But the purchase of contents insurance is usually left up to the borrower. It is up to them to decide whether they have contents which are worthy of insurance. The mortgage lender has no interest in the property of the person and so they leave it entirely up to the buyer.

It is extremely important to choose the right insurance policy to suit your needs. The alternative, that of having a policy which does not cover you when it is needed, means that for years, you could be throwing unnecessary money down the drain.

Many lenders want the policy to be in place on the day that the keys are exchanged. So, you are covered as soon as the house is yours and you walk in through the door. This means that sometimes, there can be months between the time when the mortgage is granted to the time that completion occurs.

There can be nothing worse than finding that the wrong policy has been in place for fifteen years and that when the ceiling falls in, the house is not covered. Or when a burglary occurs, outbuildings are not covered.

Two policies bought together from the same company can also prove to be more economical over a long period of time. They can mean that you incur lower costs and so are paying less. This can be a good idea, but it always pays to read the small print to make sure that you are getting exactly what you think.

by: Kurt Arehart.

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