Buying a house is a big deal. It’s not just a financial commitment, but an emotional one too. That’s why having the right insurance in place is crucial. It’s all about peace of mind, knowing that you’re covered if anything unexpected happens that could impact your home or your finances.
But what exactly do you need? There are a few different types of insurance to think about when buying a home, and each one covers a different aspect of your property and your mortgage.
If you’re considering selling your property or moving to the area, take a moment to browse our Properties for sale in Wentworth Estate, Properties for sale in Virginia Water and the surrounding areas. If you have any questions, you can also visit our award-winning website or call us on 01344 843000 and email us.
Let’s take a look at the key ones and how they help protect your investment.
Buildings insurance
What is buildings insurance?
Buildings insurance covers the cost of repairs to the actual structure of your home. Think walls, roof, floors, windows, and any built-in fixtures like your kitchen and bathrooms. It also extends to outbuildings including the likes of garages and sheds (check your policy terms to be sure that your outbuildings are covered).
Typically, buildings insurance covers damage caused by:
- Fires and explosions
- Storms, floods, and earthquakes
- Water leaks
- Theft or vandalism
- Falling trees and subsidence
- Vehicle collisions (yes, even cars crashing into your house!)
Do you need buildings insurance?
While it’s not a legal requirement, most mortgage lenders will expect you to have buildings insurance in place as part of your loan conditions. Even if you own the property outright, it’s a smart move to have this protection. The cost of repairs or even rebuilding can be eye-wateringly expensive.
If you’re renting, your landlord is responsible for buildings insurance, not you.
Contents insurance
What is contents insurance?
Contents insurance is there to help replace or repair your personal belongings if they’re damaged, stolen, or destroyed. This can include:
- Furniture
- Electronics
- Clothes, jewellery, and other personal items
Some policies even offer extra cover for items taken outside the house or damage to food if there’s a power failure (hello, fridge mishaps!).
What if I own high-value items?
Got expensive jewellery or the latest electronics? Most policies have a pay-out limit for individual items, so you might need to list these separately on your policy or get specialist cover to make sure they’re fully protected.
Do you need contents insurance?
It’s not a requirement when buying a house, but it’s a wise move. Without it, replacing your treasured items after an unexpected incident could end up costing more than you’d think.
Life insurance
What is life insurance?
Life insurance is all about protecting your loved ones financially if you were to pass away. It can help cover living costs and debts like your mortgage, either as a lump sum or in regular payments.
There are two main types of life insurance:
- Decreasing term insurance – Designed to cover a mortgage that decreases over time. The pay-out reduces as your mortgage balance goes down.
- Level term insurance – The pay-out stays the same, providing a stable safety net for your family even after the mortgage is paid off.
Do you need life insurance?
While it’s not a legal must, life insurance is a smart idea, especially if your family relies on your income. It ensures they won’t be left struggling to pay the mortgage or other debts if you’re no longer around.
Critical illness cover
What is critical illness cover?
Critical illness cover is a lifeline if you’re diagnosed with a serious illness or disability. It provides a lump sum payment to help cover expenses while you focus on getting better. Policies can cover a range of conditions, including:
- Heart attacks
- Strokes
- Some cancers
- Multiple sclerosis
Do you need critical illness cover?
It’s worth thinking about if you:
- Rely on your salary to support your household
- Don’t have enough savings to cover an extended time off work
- Don’t have a company benefits package that covers long-term illness
What if I’m only there some of the time/second home?
If your property is a second home or you’re not living there full-time, you might need a second home insurance policy. Homes that are unoccupied for long periods can be at greater risk, so this type of insurance specifically covers issues like vandalism or burst pipes, which could go unnoticed if you’re not around regularly.
What if I rent out my home?
Planning to rent out your property? Then you’ll need to switch to landlord insurance. Standard home insurance usually doesn’t cover the risks that come with renting, like tenant damage or non-payment of rent. Landlord insurance can offer protection against these issues and more, including legal costs if you get into a dispute with a tenant.
Protecting your investment
Buying a house is one of the biggest investments you’ll ever make, so it’s essential to protect it. Whether you’re a first-time buyer or moving into a new home, reviewing your insurance options is a step that shouldn’t be overlooked.
Ready to make a move?
2025 could be the perfect time to make your move. With increased buyer demand, falling mortgage rates this month, and a steady rise in property prices, the market is set to work in your favour. Contact us today for a free property valuation and let us help you set the right price and strategy to make the most of this dynamic market.
At Barton Wyatt, we’re here to help make your move as seamless as possible. Whether you’re ready to sell now or in the coming months, our experienced team is here to guide you every step of the way. Let’s make 2025 the year you achieve your property goals!
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If you are thinking of moving to the area or buying a property to rent, make sure you take a look at our amazing portfolio of Properties for sale in Virginia Water and the surrounding areas. If you’d like to speak to someone about Properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram, and LinkedIn.
