If you have a mortgage, buildings insurance is a requirement. This insurance covers the structure of your property, ensuring that the full cost of rebuilding is covered, rather than the market value of the home.
Typically, buildings insurance protects against risks such as fire, flood, water damage, subsidence, and other hazards. Accidental damage is often available as an optional add-on, as is legal cover. It's important that the insured amount is enough to cover the full cost of rebuilding your home.
Contents insurance protects your furniture and personal belongings against theft, damage, or loss. For an additional cost, you can often extend your coverage to include accidental damage to your possessions and/or all-risk cover for valuable items like cameras and jewellery, both inside and outside your home.
In many cases, you can receive a discount by purchasing combined buildings and contents insurance. Additional discounts may also be available if you've had this type of coverage for an extended period without making a claim.
Mortgage Payment Protection Insurance is designed to cover your monthly mortgage payments, along with related insurances like Buildings, Contents, and Life Cover, if you are unable to work due to involuntary unemployment, an accident, or illness.
Coverage typically begins 30 days after a successful claim and can last for a set period, usually 12 or 24 months. After this time, payments stop, with the expectation that you'll have returned to work by then. In case of a claim, the payments are made tax-free.
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