Grabo
Member
If you have your own house or you are leasing (renting) out a property or home in that case you will need to have buildings insurance policy. Your home loan will normally include this as condition, so without having insurance policy in place might place your mortgage and your own house at risk.
In case you have a mortgage
Buildings insurance policy will probably be a condition for the mortgage and need to be enough to cover the home loan. Your loan company need to give you a option of insurer or let you to decide on one on your own. They could reject your choice of insurance provider but cannot allow you to use their personal insurance plan except if your mortgage offer includes insurance.
If you purchase a home you should consider taking out buildings insurance policy whenever you exchange legal agreements. Should you sell a property you will be responsible for looking after the house till the sell is completed therefore you should keep your insurance policy cover till then.
In case your mortgage loan provider claim your house you are also responsible for covering it until its sold out and you need to tell your insurance provider that you no longer live there, or else you might not be covered.
In case you do not have a home loan (mortgage)
Buildings insurance policy is not mandatory but it is recommended. Consider how you will have the funds to rebuild your house if it's damaged or destroyed.
If you are tenant
Your landlord normally takes or remove the insurance, even though you could be responsible for damage to fittings. Your house items insurance might cover this.
In case you have a mortgage
Buildings insurance policy will probably be a condition for the mortgage and need to be enough to cover the home loan. Your loan company need to give you a option of insurer or let you to decide on one on your own. They could reject your choice of insurance provider but cannot allow you to use their personal insurance plan except if your mortgage offer includes insurance.
If you purchase a home you should consider taking out buildings insurance policy whenever you exchange legal agreements. Should you sell a property you will be responsible for looking after the house till the sell is completed therefore you should keep your insurance policy cover till then.
In case your mortgage loan provider claim your house you are also responsible for covering it until its sold out and you need to tell your insurance provider that you no longer live there, or else you might not be covered.
In case you do not have a home loan (mortgage)
Buildings insurance policy is not mandatory but it is recommended. Consider how you will have the funds to rebuild your house if it's damaged or destroyed.
If you are tenant
Your landlord normally takes or remove the insurance, even though you could be responsible for damage to fittings. Your house items insurance might cover this.
