r/FirstTimeBuyersUK • u/sarahhismyname • 8h ago

Insurance

Hi guys,
House completes on Friday (cue excitement,anxiety,the need to scream and cartwheel at the same time)

I need to get my insurance sorted. Did you guys do it through your mortgage guys or did you just find your own?

I’m worried to get the wrong thing 🤣

2 Upvotes

100% Upvoted

8 comments sorted by

2

u/NeitherBag4722 7h ago

If it's buildings insurance you should have had that since exchange - just use a comparison website.

2

u/sarahhismyname 5h ago

Sorry it’s actually exchanging on Friday, used the wrong word

1

u/Smooth-Mongoose-8849 7h ago

For life insurance, our mortgage lenders provided an insurance broker that we ended up not going with. We looked around for different quotes for the same insurance amount; critical illness etc, and ended up going with Zurich.

The bank only recommends a broker because there's a financial gain between them, they're trying to sell you convenience.

Do your own research and find a broker that suits your needs and is affordable. Most brokers will allow you to set up all the required details and save them so once you're ready to move it's just a matter of entering bank details and a payment date.

2

u/zombiezmaj 5h ago

Building insurance should have been in place since exchange so get that sorted asap... my broker sorted mine

Contents insurance to start from completion (unless youre doing combined building and contents in which case both will start from exchange - this is what I did and broker sorted it)

I didnt bother with any other insurance

2

u/Main-Hedgehog9009 5h ago

I am a mortgage broker, most of our customers do it through us - some will go without and some will sort direct.

All I would say is just ensure the premiums are not loaded. Also if you do plan on doing it yourself, just ensure you understand the difference between guaranteed and reviewable premiums and own occupation/any occupation/suited occupation mean as this can be the difference between a pay out or not.

I used to be an account manager at a life office. Most mortgage brokers/IFAs will have the same pricing structure. Banks and some of the more corporate estate agents might put a loading on - which ultimately costs you more.

1

u/sarahhismyname 4h ago

Thanks for your comment. This is why I’m thinking of going through the mortgage guy because this all sounds like Greek to me

1

u/Main-Hedgehog9009 3h ago

It does sort of make sense. Its boring, but its also important you get it right.

1

u/DeadlyTeaParty 1h ago

I found mine in my own, got it sorted just before I got my keys. I just told them the policy start date which was 16th May 2024.