Insurance you need when you buy a home
When you buy a home, you usually need to get different types of insurance:
- Mortgage protection (or some other form of life insurance such as term insurance or whole-of-life insurance). You do not have to buy mortgage protection insurance from your lender but your lender can insist that you have mortgage protection insurance, or another life insurance policy, in place before they will give you a mortgage.
- Home insurance includes buildings insurance and contents insurance.
You may be offered other types of insurance as well, but these are optional.
You can buy insurance directly from insurers over the phone or internet and from insurance brokers who can deal with insurance companies on your behalf. The cost of your home insurance, called the premium, is not fixed and may increase or decrease when your policy comes up for renewal each year. You can shop around each time to get the best value. Get more information on changing your insurance.
This section has information on:
| Costs and discounts |
| Do I have to get home insurance? |
| Issues to consider with home insurance |
| Types of home insurance |