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Sheffield, Yorkshire
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Insurance
What types of home insurance are there and what do they cover?
There are two main types – buildings insurance and contents insurance. These can either be bought individually or together as a combined home insurance product.
Buildings insurance
This covers you in the event of damage to the structure of your home, such as the walls, roof and floors. It usually covers damage to fixtures and fittings too. It’s not compulsory, but it’s usually a condition of your mortgage to have it. If you own your own home, with or without a mortgage, this insurance should be a top priority.
Buildings insurance is usually required by your mortgage lender to protect their asset until the mortgage is paid in full. You may not need buildings insurance if you own a leasehold flat and don’t own part of the freehold. It’s likely the building is insured by whoever owns the freehold. If you do own the freehold, you will be liable for ensuring the building is adequate protected.
We can provide general insurance such as buildings and contents, landlords insurance and business insurance.
Contents insurance
This covers you for loss or damage to personal possessions in the event of fire, theft, flooding and similar incidents. It covers all your personal belongings – anything not physically attached to the building – against the cost of loss or damage.
Unlike buildings insurance, this is optional. But insuring your possessions is generally a sensible idea for both tenants and homeowners.
Landlords insurance
As a landlord, your mortgage lender will require you to have buildings insurance in place, and it’s sensible to have contents insurance if you’re providing the furnishings in the property. Landlord’s insurance protects your property as well as your rental income and covers your liabilities in the event of damage or injury suffered by your tenants.
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Green Olive Mortgage Solutions is a trading name of Legacy Financial Ltd which is registered with the Data Protection Act 1998 registration No. ZB296693 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 967041 an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 786245 and registered with the Data Protection Act 1998 Registration No: ZA178200.Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.