We’re forever hearing that our homes may be repossessed if we don’t keep up with the mortgage payments, but mortgage lenders also need to be sure the property itself remains sound security for the loan. By insisting on building insurance they are protecting the property they’ve lent money on in the event of an incident such as fire or flood. Don’t just go with the insurance that your mortgage lender offers as in many instances there’ll be cheaper more flexible options available. It’s not only the building that should be covered but also its contents, and looking for a deal that covers both may save you money and provide the protection that you and your family need.

Your mortgage broker or solicitor will be able to advise on the level of insurance required and the kind of premiums you can expect to pay. Things to look out for are large policy excess limits in exchange for slightly lower premiums and exemptions such as computer or sports equipment. Cover for your contents has to genuinely provide the blanket protection you need and not create financial problems for you if you have to make a claim.

A house is normally the single biggest purchase we make and yet many people refuse to insure it over and above the mandatory buildings cover. Do you have plans in place to pay the mortgage should you lose your job or become sick? Are you married? If so what life insurance is in place to pay off the mortgage should the worst happen? Prevention is always better than cure.

There are a lot of people involved in a move from estate agents and solicitors to surveyors, removal companies and financial advisers. Always try to go with people that have been personally recommended and if not make sure they are members of national bodies such as the Royal Institute of Chartered Surveyors, The British Association of Removers or the voluntary Ombudsmen of Estate Agents scheme. If there are problems do not be afraid to pick up the phone to Citizens’ Advice for help and guidance.

Move Angels’ Quick summary

• Shopping around is a must when looking for insurance. The market is very competitive and there are some great deals out there. Don’t just go with what your mortgage lender is offering.
• Don’t just look at the premiums charged and investigate the cover you get and what you have to pay in the event of a claim.