It is true to say that these days you can arrange an insurance policy for almost every eventuality. The most common insurance policies that people take out will include buildings insurance, contents insurance, life assurance and critical illness cover.
Another common insurance policy that many homeowners decide to take out is Mortgage payment protection insurance (MPPI) – this type of policy can cover your mortgage repayments for a period of time in the event of accident, sickness or unemployment.
Buildings Insurance
Every mortgage lender will require you to have a buildings insurance policy in place when taking out a mortgage.
If you own the freehold (the building and the land that it stands on) it is your responsibility to arrange this insurance. If you are a leaseholder then you must make sure that your freeholder has arranged cover on your behalf. It is common for leaseholders to pay out for this policy in there annual management payments to the freeholder.
As long as you have a mortgage on your property then the lender will have an invested interest in it too. The lender will therefore be very keen to make sure that you have your...
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