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Published on : May 19, 2021 12:53

Moving home

Protect your peace of mind when moving home

Moving home can be a hectic and exciting time, but don’t forget about protection – taking out the appropriate policies can save you a lot of stress in the long term.

If you’ve just moved home or are about to, it probably feels like you’ve been caught up in a bit of a whirlwind over the past few months. With searching for a property during a pandemic, making
the move before the stamp duty holiday ends and potentially getting caught up in the resulting conveyancing backlog, protection policies are probably not top of your priority list.

Yet it’s important to take the necessary precautions to ensure your new home and possessions are looked after – now more than ever. Here are some of the main types of protection you should be
thinking about.

Mortgage Protection

If you’re unable to work due to illness or injury or because you’ve lost your job, mortgage payment protection will cover the cost of your mortgage each month. These policies usually last for a year or until you return to work – whichever is soonest.

You can pick how much you want your policy to pay out each month, and this can include a buffer for other expenses, such as bills. It’s important to bear in mind though that provider usually
set monthly limits of between £1,500 and £2,000. You won’t always be able to claim straight away, and there’s usually a waiting period of one or two months. The cost of mortgage protection will depend on:

  • Your salary
  • the size of your mortgage repayments
  • the type of policy you choose; and
  • how soon you want to be covered.

Income protection

Income protection provides you with a regular income if you’ve lost your job or are unable to work due to illness or injury. There’s usually a minimum wait of four weeks before you can start receiving payments. There are different types available:

• A short-term plan covers you for involuntary redundancy but is usually limited to a set time period.
• A long-term plan will usually cover you until you return to work, retire, die, or the policy ends – whichever is soonest.

Buildings insurance

If you’ve got a mortgage, you’re likely to have building insurance to cover the cost of repairing damage or rebuilding the structure of your home if it’s damaged. But have you looked carefully through the policy and made sure that it definitely covers everything you need it to? Once you’ve moved, you may realise that your new home has a slightly more complex structure than you first realised, and it’s important to make sure your building’s insurance takes this into account.

If you’re lucky enough to not have a mortgage, it’s still a sensible idea to invest in this type of insurance for peace of mind.

Contents Insurance

If you’ve bought new furniture and gadgets for your home, you might need to review your contents insurance. This type of insurance covers the cost of replacing possessions in your home if
they’re stolen, destroyed or damaged. It’s a good idea to double-check which of your items are covered so that you’re not caught out if something does go wrong.

Act now

When you’re caught up in the excitement of moving, thinking about financial protection might be the last thing on your mind. But remember that your circumstances can change quickly and it’s important to make sure you’re prepared now in case things don’t go to plan in the future.

Ask the experts at Edward Mellor Financial Services

Our team of financial experts can help you with your financial queries from financial protection to finding an investment deal. We can also give independent no-obligation advice on personal pensions and more – get in touch today!. Or you can call Paul or Chris on 0161 443 4830 or email [email protected] – we’re here to help.

Note: The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested. Your home may be repossessed if you do not keep up repayments on your mortgage.

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