The ownership of a property brings with it great financial responsibility.
This responsibility is to your family, yourself, the lender, the property itself as well as your personal belongings.
When borrowing large amounts of money to purchase your family home you need to consider the events that may cause you to lose your home, these may be:
the death of a spouse
a critical illness
an injury or illness
unemployment
Any of the above events can lead to the los.s of your home. The good news is that all of the above unpleasant events can be insured against.
You will be required as a condition of a mortgage offer to insure a freehold property. So if you purchase a freehold house you will have to insure it against damage and destruction.
Your personal belongings are hust that, personal. To loose these belongings is bad enough, to be able to replace them with the aid of an insurance policy will soften the blow.
Your BMC advisor will discuss these insurance areas will you as part of our advice process.
