Insurance/assurance

dufferlover

Hi folks, pending a structural report we're all ready to move in to our first home. As we're new to all this I'm just wondering about insurances/assurance? What exactly is mandatory? Also I have no clue about life assurance or what sort of cover we'd need.

Thanks in advance from the very green FTB

Learpholl

From reading the other thread, I'm in pretty much the exact same situation as yourself at the moment dufferlover. Just waiting on one or two bits before hopefully getting the keys to a new place. Anyway, I already met with the bank regarding life insurance and the minimum they would accept was a reducing balance cover. This basically meant if either myself or the other half died over the course of the mortgage, the insurance would pay off what ever was remaining on the mortgage and the other person wouldn't receive any additional money. We were offered other cover but couldn't justify the cost of the others for what they offered and ended up going with the minimum required but thats a personal choice really.

phormium

The minimum required is the decreasing cover for the mortgage, however do not automatically take the banks offering without checking whether you can get a better deal elsewhere. Try an insurance broker who can check several companies for you.