Own a house - what insurance is needed?

Hi
I was wondering WHAT insurance is really neccesery if I owned a house and my only real depened is my girlfriend who lives with me.. Currently I am paying over the odds for
1.building and contents insurance
2.Life assurance
3. Accident,illness or redundancy
4. Mortgage Protection
And I also have Health insurance.

I am 29yrs of age in good health and in a full time job which pays sick pay if I was out of work so Do I really need to have all of the others aswell?

Re: Own A House What Insurance Is Needed.

If the property is mortgaged then the lender will require that you insure it for the reinstatement cost. This SCS guide is useful as a rough guide to estimating the reinstatement cost but if in doubt get professional advice (e.g. a survey).

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There are also lots of existing threads about home insurance, where to shop around etc. Remember to read the terms & conditions of the policy document and don't shop around on price alone.

Even if the house is not mortgaged you should probably insure the property and your contents for peace of mind.

If the house is mortgaged then the lender will require you to have mortgage protection life assurance to clear the mortgage in the event of your death. See here:

Mortgage Protection and Mortgage Repayment Protection Policies

If you have dependents you may want to take out some general life assurance (usually separate from the mortgage protection life assurance) but what you might need really depends on your specific individual circumstances.

Accident/illness/salary/perhament health protection insurance is optional and again the need or otherwise for these depends on the individual's specific circumstances.

If in doubt get independent, professional advice.

Re: Own A House What Insurance Is Needed.

steve29lim said:

Hi
I was wondering WHAT insurance is really neccesery if I owned a house and my only real depened is my girlfriend who lives with me.. Currently I am paying over the odds for
1.building and contents insurance
Check rebuild cost on surveyors of Ireland website and estimate refit and beloning costs (123.ie are very competitive)
2.Life assurance
Compulsory - make appointment with independent broker for proper advice as you may be over insured as alot of people are. If you plan on having children soon it may be best keep your policy.
3. Accident,illness or redundancy
Your call and depends on your circumstance - One may argue if you payed this money monthly into fund you may be as well off. Read terms and conditions on policy - it may be very supplier weighted e.g you cant claim for first 10 weeks of layoff or max 30 weeks etc - devils in the detail.
4. Mortgage Protection
Ask yourself what circumstance this may be useful? Get independent advice as brokers are on commission..
And I also have Health insurance.
Essential nowadays
OVERALL MAKE AN APPOINTMENT WITH AN INDEPENDENT BROKER AS YOUR PRECISE CIRCUMSTANCE IS IMPORTANT AS WELL AS YOUR FUTURE PLANS - IT WILL SAVE YOU MONEY. YOU SEEM TO BE OVER INSURED AS BROKERS SELL YOU EVERYTHING WHEN YOU BUY A HOUSE TELLING YOU THESE PRODUCTS ARE ESSENTIAL. GREEDY PARASITES!
I am 29yrs of age in good health and in a full time job which pays sick pay if I was out of work so Do I really need to have all of the others aswell?

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Re: Own A House What Insurance Is Needed.

Thanks Barry O and Clubman.
I think for this next year I will take out Mortgage protection and house and contents cover.. I will review again next year..

Re: Own A House What Insurance Is Needed.

steve29lim said:

Thanks Barry O and Clubman.
I think for this next year I will take out Mortgage protection

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Do you mean mortgage protection life assurance (as above you probably have no choice in this matter) or mortgage repayment protection insurance (which is often poor value for money due to high commissions)?