Home Payment Cover

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There are several types of insurances that should be considered in connection with a residential mortgage.
Protection for the home building and all its contents, cover for the life of the people who are on the mortgage (mortgagees) to cover the loan on death and income protection in the event of being unable to work through sickness or unemployment.

Building and content

You will need this insurance if you are a home owner from the point of exchange of contracts as you are then legally bound to the property. Building insurance is a mandatory cover if you are to use a mortgage lender to assist with the ownership of the property. If the property is unencumbered or has no mortgage loan it is highly recommended to have home insurance as the risk is high and so can the relative cost especially if there is a claim against for example subsidence or serious fire damage which can both totally destroy a home.

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Mortgage payment protection (MPPI)

Also known as ASU or unemployment accident and sickness or disability insurance. This insurance is a short term solution generally 12 months covering being unable to work and potentially may pay the home loan. It will not pay out until 30 days after the event though that can be set up to pay back to when the event took place, in order to pay the loan debt promptly.

This insurance is very important to especially the self employed whom potentially may not get any assistance from an employer. Also it is worth bearing in mind that the government assistance to incapacity payout is very long and only a minimal amount. That maybe too little too late in order to protect your house from repossession.