Insurance guidance
With any asset you own that has a significant monetary value, you are advised to insure it. In some instances, you may have no choice but to insure it. Even if you are sharing something where insurance is not compulsory, it might save arguments between you and your co-buyers in the event of an accident.
If the property you are buying is a house that you have mortgaged, most mortgage lenders will insist you have suitable buildings insurance and maybe life insurance too.
If the property you are co-buying is a car, third-party insurance is mandatory. All potential drivers should ensure that they are named on the policy. Co-buying with someone of a similar age should mean equal risk to an insurance company. Boats also require specialist insurance cover.
Another type of insurance that you are advised to have if you have a loan against the property you have purchased is Income Protection Insurance. This will cover your re-payments on the loan should illness or accidental injury prevent you from earning an income. If all sharers have it then everyone is protected.
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