Checklist for buying new apt...

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candyman

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Clarification of policies req'd for purchase...

Hi all,
A quick clarification required here. Just bought a new apt with the missus and am in the process of sorting out insurance policies etc...would I be right in saying I need to get...
1. mortgage protection insurance
2. house contents insurance (the building insurance should be part of the annual maintenance fee I think...)
3. and the mortgage itself obviously....

Are there any other policies I should shopping around for at this time?

Cheers
 
Mortgage protection is optional and is generally seen as a bad buy. If you do go for it make sure to read all the terms and conditions. An example of this would be that people on contracts are not covered, you must be permanent, a point the seller often omits.
 
elcato said:
Mortgage protection is optional and is generally seen as a bad buy. If you do go for it make sure to read all the terms and conditions. An example of this would be that people on contracts are not covered, you must be permanent, a point the seller often omits.
Click to expand...

is this not mortgage repayment protection you are talking about here? i.e. your monthly mortgage repayment is paid if you are out of work for a few months etc....i think this is the optional one and i wont be getting it really.

mortgage protection (as i understand it) is the required policy. In the event of of death of one of the home owners the mortgage will be paid off by the insurance company.

am i right in my thinking here?
 
This is the life insurance, that you have to get. There are obviously different types of policy you can get, with different addtional insurance cover(i.e Serious illness, Mortgage Payment Protection) and addtional costs.

I got a basic term mortgage protection, so that if I died the mortgage would be covered.
 
Yes - sorry for some reason I thought you mentioned mortgage repayment protection. Sorry for cunfusion.
 
so are the only two policies i need to get sorted:
1. mortgage protection (life insurance)
2. house contents insurance

?
 
Mortgage protection is the only requirement you have from a mortgage lenders prospective, you would also be wise to have contents insurance.
there are no other insurance/assurance requirements.
 
It should say on the loan approval all documents you will need.

i am in the process of buying an apartment and so far I have got the mortgage protection in place. I am assuming the block apt insurance will be covered by the Mgmt fees. I will wait till I move in to sort out the house contents insurance
 
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