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INSURANCE

At OK Mortgages we can provide you with a range of different types of insurance to make sure that your property is protected against all sorts of disaster. We offer products from a range of Insurers so you have some extra options. We can start your cover at most appropriate time and can fax your new insurance certificate to your solicitor or lender as required.

MORTGAGE PROTECTION INSURANCE

Mortgage protection insurance (MPPI) has been designed to overcome the consequences of unemployment and disability enabling you to still meet your mortgage repayments.

Imagine that you are made redundant or you have an accident that leaves you unable to work for a period of time—would you be able to afford your monthly mortgage repayments? If you only have State benefits to rely on, you will find it tough to cope financially.

However, if you have a mortgage protection insurance policy, your mortgage repayments will be met up to a pre-agreed limit each and every month. This gives you breathing space to find another job or if you have had an accident or have not been able to work due to sickness, time to concentrate on getting better.

HOME INSURANCE

Many homeowners and tenants think that home insurance is an unnecessary luxury, and it is estimated that 25 per cent of households in the UK are actually not protected by any type of household insurance. However, home insurance should be viewed as an essential, in order to protect against unhappiness and financial loss related to buildings and contents.

Homeowners should insure both their buildings and their contents and tenants should be looking for a contents-only policy (responsibility for the structure usually lies with the landlord) Landlords should perhaps consider specialist landlord policies, and should certainly insure their properties.

BUILDING INSURANCE

Building Insurance was created in order to provide you with financial security when it comes to the structure of your house. In most cases, buildings insurance covers your main dwelling, and any external structures on your property such as sheds, garages, greenhouses and conservatories.

Building Insurance is essential because it protects your property against destruction and damage. This means that in the event of your home being completely or partly destroyed, the policy will fund rebuilding or repairing. Furthermore, the policy will also usually cover repairs due to circumstances beyond your control. These could include:
                        Damage due to flooding or storms
                        Burst pipes and other water leakage problems
                        Subsidence
                        Vandalism or damage by a third party

CONTENTS INSURANCE

Once you have the structure of your home covered by buildings insurance, it is worth considering protection for the contents of your home, your belongings. Policies differ, but primarily the purpose of contents insurance is to cover the costs of replacing or repairing your possessions if they are stolen, destroyed or damaged.

Contents of your home generally include things that are not fixed, this could include any artifacts, computers, cameras, televisions, CD players, clothes, jewellery, furniture and fridge and freezer contents. Sometimes your contents insurance will cover items such as bicycles that generally live at home but are taken away sometimes. Other policies will cover things like handbag contents in the event of theft. Furthermore, some policies will cover accidental damage and legal expenses incurred whilst pursuing personal liability claims.

In order to determine how much your premium will be the insurer will need to ask you numerous questions. These could include:

Your criminal record, and your past insurance claims record.
What your job is: if you are away a lot, or you are in a particularly high-profile position you could face a higher premium.
When you are at your property: if you leave it vacant for much of the year your premium could skyrocket. Uninhabited properties are obviously more at risk from burglary.
Your location: some areas are more likely to claim than others.

The cost of your premium is directly related to the risk posed to the insurer. Special employees called risk assessors will consider any factor that they think means you may claim in the future. It is essential to be as honest and accurate as possible when filling out insurance forms. If you fail to do so, this is termed “non-disclosure” This will then nullify your policy should you make a claim. Insurance companies aim to keep the amount paid out to customers at a minimum: they are businesses that perform and essential function. One way they can avoid a payout is to check closely any details that you have provided to them for inconsistencies, so apply with care. To accurately decide how much to insure your property for, make a full and comprehensive inventory checklist of everything in your home. Calculate your contents insurance from the total of how much it would cost to replace every single item. It is worth taking your time over this.

LIFE INSURANCE

Life Insurance, for all the complex types of cover and policies, may simply be defined as a written contract between an individual or individuals and an insurance company, whereby the insurance company pays out in return for premiums in the event of a death or deaths.

Life insurance, or assurance, is a policy provided by an insurer that will pay the beneficiaries of the policy a lump sum or a series of instalments in the events of your death. Having a comprehensive life assurance policy gives you the knowledge that should you meet an untimely end your family will at least receive some kind of financial compensation. When it comes to different life insurance policies, there is a huge variety on offer in the UK.

Some policies will guarantee to payout, whereas other policies may expire at a given time. You should choose cover to suit your requirements and carefully inspect the wording of the policy to make sure that you choose the right one before getting a life insurance.

Arranging life insurance cover is usually straightforward. You decide how much cover you need, over how many years you need the cover for, you sign on the dotted line and you pay you monthly premiums. However, there can be many factors that make a difference to the time your life insurance cover takes to arrange and the amount you have to pay.

Dangerous sports and hobbies
High risk occupations
Medical history

These factors will often come to light either when you first talk to an adviser, or when you complete your life insurance cover application form.

How much mortgage cover do I need and for how long?
You need to cover the amount of the outstanding debt, up until the debt is paid off.

What type of cover do I need?
Is your mortgage a repayment one? If so, you need a Decreasing Term Assurance policy.
Or is it an interest-only mortgage, in which case you need a level term policy.

We do not charge brokerage fee for our services.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.