Are you buying or do you own property? Are you properly insured?

Are you buying or do you own property? Are you properly insured?

Buying a home is often the largest financial investment anyone is likely to make in their lifetime. Yet I am constantly surprised how many people fail to adequately protect what is likely to be the biggest income producing asset when paying for the property - ‘themselves’.

Before you sign a contract to purchase a property you should have the appropriate insurances in place, at the very least income protection.

You not only want to protect your 10% deposit in case something unforeseen happens between exchange and settlement but you want to know that you can complete settlement.

Most buyers insure the property against natural disasters or burglary, but so many fail to protect their income which is paying for the property.

People need to be more aware that protecting their financial position with personal insurance is not just as important as home and contents insurance, it’s more important.

You need to insure the person who is paying for the asset rather than just insuring the asset itself.

Ask yourself how your family will manage if one of the breadwinners becomes sick or dies?

Do you have the necessary income protection and life insurances in place to protect your assets and allow your family to continue their quality of life rather than being forced to sell the family home?

Even if you’re single with no dependents, personal insurance is still very important to have in place, after all who will look after you and pay your bills if you can’t work?”

I’ve seen many unforeseen things happen to people over the years whilst in the process of purchasing a home or investment property as well as shortly after.

If they’d had the appropriate insurance it would have made the rest of their lives much, much easier so I always follow the good old advice of ‘expect the best, but plan for the worst’.

If you would like me to refer you to someone I trust to provide you with a quote regarding your income protection options then just click here and shoot me an email.