When it comes to mortgages, most homebuyers will overlook a critical need during the post-completion stage, and this is insuring their new property. There is no denying the importance of insurance when it comes to protecting the most valuable asset you may ever own. And, that’s your home. For those who drive, we insure our vehicles. While this required by law, but given a choice, would you actually drive your car with insurance, especially if you have children? We also insure our mobile devices and other smaller items that could be replaced relatively comfortably in the event of loss, or damage.
But why do we overlook protecting the most important thing, ourselves and our loved ones? It is an interesting topic, and one that can have significant complications if something were to go wrong. How would your family cope if you were to pass away suddenly? What issues would arise as a result of not being able to afford your mortgage payments? It is scary to think about, but, something that can be avoided entirely with careful planning and consideration. So, what are the 4 pillars of protecting your home? There are 4 different categories of insurance, which are life assurance, critical illness cover, home insurance and income protection. If you have policies in place for all 4 different types of insurance, then you can rest assured knowing that you and your family are fully covered for the following.
Life assurance is designed to provide peace of mind. Whether the reason being that you can be more confident knowing that you provided for your family when you die, or want to contribute to their financial security after, life assurance can help make everything feel more organised and secure.
Critical illness cover can be added for an additional cost when you take out a life assurance policy. And, the possibility of extra benefits such as terminal illness cover, and accidental death benefit can also be explored if you wish to include this in your policy.
Income protection in the event of less severe issues but to ensure that you receive payment just in case your employer doesn’t cover you in your absence. An income protection policy can be set up either for short term or long term, to help replace your loss of earnings in the event that you are absent from work.
Home Insurance which is essential in the event of an unforeseen disaster in the home. There are three different types of home insurance policies; contents insurance, buildings insurance and a combination of the both. Buildings insurance cover protects the property, while contents insurance covers your personal belongings.
Pinnacle Finance & Property Group Can Help
These days insurance is very flexible, and different terms can be arranged to suit your requirements and budget. So, if you are worried that you may be under-insured, have an outdated insurance policy or even without any protection at all, Pinnacle Finance & Property Group are here to help. Call us, or e-mail, today to find out more.