- If you are a freeholder with a mortgage your lender will insist you have buildings insurance.
- If you’re buying a leasehold property, it’s most likely the freehold owner will be responsible for arranging buildings insurance cover.
Don’t just accept the buildings insurance offered by your mortgage broker or lender – shop around to get a good deal.
You’ll need to have the insurance in place when you exchange contracts to confirm the purchase of the property.
This is because you’ll be the legal owner and if there’s a fire, or a problem with the structure of the property, you are responsible.
Contents insurance covers you for loss or damage to the items in your home.
It might also provide some cover for items used outside the home, such as laptops, cameras and phones.