Home insurance is an essential part to protecting the largest investment you'll potentially make. We negotiate the best possible premiums based on your requirements via a select panel of 5 star rated insurers to provide you with that piece of mind and comfort that you'll be protected in the event something goes wrong.
Most mortgage lenders in the UK require buildings insurance to be in place at the time of exchange. This is to ensure that their investment (and yours) is protected against unforeseen circumstances such as fire, theft, or natural disasters.
While buildings insurance is a mandatory requirement by lenders, Contents insurance, although usually optional, is highly recommended. It protects your personal belongings within the home (and outside of the home), covering items like furniture, electronics, and personal effects against loss, damage, fire or theft.
Why Homeowners Need It:
Financial Protection: It provides financial cover for repair costs or replacement of your property and belongings, which can be prohibitively expensive otherwise.
Lender’s Requirement: Mortgage lenders require you to have at least buildings insurance as a condition of the loan, to protect their investment as well as yours.
Peace of Mind: It offers peace of mind knowing that you’re protected against unforeseen events that could otherwise have a significant financial impact.
Legal Liability: It can offer liability protection in case someone is injured on your property, potentially saving you from expensive legal costs.
How We Can Help
At Derwent Mortgages, we understand the unique needs of homeowners and tenants alike and we are here to guide you through:
Tailored Coverage: Finding the right level of coverage that fits your specific needs and budget.
Comparing Quotes: Sourcing quotes from a range of insurers to ensure you get the right cover at the right premium.
Ongoing Support: Providing support and assistance when you need us most, ensuring a smooth and stress-free process.
Contact us today to find out how we can help protect your home and cherished possessions with a policy that’s built around you.
The Pitfalls to buying Home Insurance online
Buying home insurance online is convenient, but there are several pitfalls to be aware of:
Overlooking Details: Online forms may simplify complex insurance terms, leading to misunderstandings about coverage limits and exclusions.
Underinsurance: There’s a risk of underestimating the value of your home and contents, which can result in insufficient coverage and financial losses if you need to make a claim.
Accidental Damage: Many policies do not cover accidental damage as standard, and it’s easy to miss adding such important optional covers when buying online.
High-Value Items: Failing to declare high-value items separately can lead to inadequate coverage for these items.
Personal Possessions Cover: Not all policies automatically cover personal possessions outside the home, and it might be cheaper to insure these items separately.
Sub-Letting: If you sub-let your property, standard policies may not provide coverage, which could lead to rejected claims.
Business Use: Running a business from home without informing your insurer could invalidate your policy1.
Cheapest Isn’t Always Best: Opting for the cheapest policy might mean compromising on essential coverage, which could be costly in the long run.
Policy Understanding: It’s crucial to thoroughly understand what your policy covers. Misunderstandings can lead to unexpected out-of-pocket expenses.
Regular Quotes: Not shopping around regularly for quotes might mean you’re missing out on better deals or more suitable coverage options.
To mitigate these risks, it’s important to read the terms carefully, ensure you understand the coverage provided, and consider consulting with Derwent Mortgages if you’re unsure about any aspect of the insurance policy. If you need further assistance or have more questions, feel free to ask!
