Building Insurance
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
If you have a mortgage, you will likely need to insure your home/property as your mortgage lender will include this condition as part of the mortgage contract. Your mortgage lender will tell you how much to insure your property for when you take out your loan.
Building Insurance
Buildings Insurance is designed to protect your home against unforeseen damage or destruction. The level of cover needs to be set to ensure that you have enough insurance cover to rebuild your home, if necessary. Each insurer has slightly different terms and conditions so be sure to read the policy key features document carefully to determine what is and isn’t covered by your policy. Please check your standard excess payments which will be deducted from any claim. These are usually applicable for all claims with slightly higher excesses applicable to escape of water and subsidence.
Contents Insurance
Contents Insurance is designed to protect the contents of your home against loss or damage by such things as fire, flood, storm, theft, escape of water and other similar causes. Most policies replace new items for old items. Each insurer has slightly different terms and conditions so be sure to read the policy key features document carefully to determine what is and isn’t covered by your policy.
Don’t be fooled – not all policies are the same
Just like your home and its contents, your home insurance is a very personal thing… and different products suit different people. Some are very basic and focus more heavily on the up-front cost. Others come with plenty of added extras to give you more reassurance. Then there are those that concentrate on service and supporting you when you need to make a claim. They all have their pros and cons, but ultimately it comes down to your individual priorities.
Obviously price is important, but the cheapest insurance in the world is no use if it doesn’t cover what you need it to!
With this in mind, it’s worth being aware that monetary limits can be very different from one provider to the next. Plus, some providers like to include benefits as standard, while others prefer the pick and mix approach that lets you build your own cover. This can make like-for-like comparisons rather difficult.
TOP TIP:
| Check out the Defaqto Star Rating of your home insurance. Defaqto have made it their job to ensure you know which insurance products are the best quality. Take a look: www.defaqto.com/star-ratings/home-insurance |
Daefaqto Star Ratings
Based on facts, not opinion. Defaqto do all the hard work when it comes to choosing a home insurance product. Defaqto analyse policies, terms and conditions and rate them on a scale of 1 to 5 based on the quality and comprehensiveness of the features and benefits they provide. A 1 Star rating indicates a basic product, with a low level of features and benefits, while 5 Star products have a high level and indicate a comprehensive product.
Prospect only offers 5* Defaqto residential home insurance products
Providing you peace of mind that you have a comprehensive policy that will meet your needs if you come to need it.