Buying a home is an incredibly exciting time, but there are a number of essential factors that you need to consider, such as which mortgage you are going to go for, what kind of deposit you might need and whether there are any insurances that you might need to put in place. Buildings insurance is often a prerequisite to getting a mortgage, and the Conveyancing Cheltenham company that you decide to use, such as Montpelier Legal will be able to walk you through any specific requirements.

Here are some of the insurances that you might want to consider as a homebuyer.

Buildings and contents – buildings insurance looks at covering the cost of your home should any structural damage occur to it. The cover will often reflect the rebuilding cost of your home. Content insurance covers all the items that you have in your home. This includes all the appliances, your furniture and any personal belongings.

Critical illness – whilst not a legal requirement, it is important to think about critical illness cover. If you were to contract a serious illness and were unable to work, you would still need to find a way to pay your mortgage and your house-related bills.

Income protection – if you run your own business or are self-employed, what would happen if you couldn’t work for a period of time? This type of insurance gives you cover if you find yourself in a situation where you can’t work, and your income is affected.