Guide to mortgage insurance

Your Mortgage
Written By:
Your Mortgage

Many people end up paying too much for insurance or getting the wrong type of cover. For the right insurance for your circumstances, at the right price, simply follow our expert advice.



  1. Use a Specialist Your mortgage lender may well offer to provide your mortgage-related insurance policies. But remember, they are not necessarily insurance specialists and may not offer the best cover or the most competitive premiums. However, when it comes to buildings insurance, it can be wise to accept your lenders’ insurance as they will then have a vested interest in your property should the worst happen.
  2. Shop Around It is very easy to look compare the simpler types of insurance, what they cover and how much they cost, on the internet.
  3.  Speak to an adviser  An independent financial adviser can help you to select and arrange your insurance. They can be invaluable when it comes to more complex types of insurance, such as convertible life insurance, for example.
  4. Don’t pay for Unsuitable Cover. There is no point in being over-insured, or paying for cover that is not relevant to you. For example, if you are self-employed, then the unemployment element of Accident, Sickness and Unemployment (ASU) insurance is not needed.
  5. Don’t Under-insure If you do not have sufficient cover, you will regret it when something goes wrong. When it comes to contents insurance, for example, there is no point cutting corners : you must go through your house and add up the value of everything, and make sure your insurance would cover it.