Getting the right insurance cover

Getting the right cover when it comes to insurance will give you peace of mind for the future, says Rupert Swetman, head of mortgages.

We don’t just secure mortgages we can also help with many difference types of insurance policies. SoGlos asked Rupert Swetman, head of mortgages at The Mortgage Brain in Gloucester, to answer your questions about getting covered.

About the expert – Rupert Swetman, Head of Mortgages at The Mortgage Brain

Rupert Swetman is Head of Mortgages at The Mortgage Brain. Knowing your adviser is with you every step of the way whether you’re buying you first home or have owned a property for many years is what great customer service is all about.

The Mortgage Brain has over 30 years’ experience helping customers find the best mortgage. Its unique Mortgage Search System is continually updated with the latest offers from the widest range of lenders, allowing advisors to rapidly locate the best deal to suit a client’s individual circumstances – and wherever they are on the ladder.

Do I need buildings and contents insurance with I take out a mortgage?

It is a requirement of your mortgage that you have Buildings Insurance in place and your solicitor will need a copy of your policy document to complete on your purchase. Buildings cover is needed from the point of exchange as this is when you will become liable for the property. If you are purchasing a New Build home, cover will be needed from the point of completion as the house builder will cover you from exchange. We advise that you start looking at Buildings and Contents insurance as soon as you can to ensure you have the time to look through any quotes in detail and have the cover in place ready for exchange/completion. We can provide a range of competitively priced policies for your requirements.

I’ve never had life insurance before but I’m buying a property with my partner should we both get it?

Life cover is generally set up to ensure that your mortgage can be paid off when you or your partner dies. Ideally you may want to exceed that amount to also make sure that there are some funds available for those left behind, enabling them to get through a difficult, emotional and financial period as painlessly as possible. We highly recommend our clients have life cover in place. We will provide a quote to suit your budget and needs once we have discussed your cover requirement in more detail. We also consider any employee benefits such as Death in Service and include these as part of your cover, so you only have the cover in place that you require.

What is landlord insurance and what does it cover?

Getting the right Landlords’ Insurance to protect your property against unforeseen issues with tenants or damage due to adverse weather conditions or structural problems is key to maintaining the value of your investment and protects your legal liabilities as a property owner. Depending on your policy it could protect you for fire, smoke, lightning, storm or flood or earthquake damage, vandalism, subsidence, accidental damage to the locks or theft of the keys and alternative accommodation for tenants while repairs are being completed. Landlords Insurance gives you peace of mind that if the worst happens, you will have protection for your property and its contents from damage or loss whilst also protecting your legal liabilities as a property owner.

Can I protect my income if I fall ill so I can still look after my family?

If you have an accident, serious illness or find yourself without a job, how long could you keep your life together and provide for your family, keeping up mortgage payments and other bills? Having payment protection insurance in place will help you get back on your feet, providing you with another income when you’ve lost yours. You can have full accident sickness and unemployment cover, or just standalone unemployment cover. There will normally be a deferred period attached to the policy which will be the length of time you will wait before the monthly benefit is paid. We will consider any sick benefits you get through work if you are applying for the accident and sickness element of the cover. Our experts advisers can show you a range of policies to suit your individual needs.