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General Insurance

What is general insurance?

General insurance is basically any insurance that isn’t life insurance. We can help you find numerous covers to fit your needs but building and contents insurance and income protection tend to be the common needs. 

 

Do I need to get any general insurance?

To complete on any mortgage in the UK, you will need to have buildings insurance as a minimum and landlords will need to have landlords insurance, everything else is entirely optional.

You may already have insurance in place, if you are remortgaging, for example, then you don’t necessarily need to look at anything else. That said, this doesn’t mean that you couldn’t save money by reviewing your cover and getting some free figures. There are no broker fees for any insurances we help with, the only payment we receive is from the providers if you choose to proceed with any options. Unfortunately the providers still want you to pay. When getting a mortgage, as long as you have buildings insurance taken care of, you’re good to go, but we are always on hand to provide figures and answer any questions you may have.

Income protection is simply to protect you in the event of being unable to work due to accident, sickness, disability or redundancy. This is useful for everyone who is working but your personal situation may make this more or less useful, it’s always worth discussing and getting some figures just to know your options. Generally it’s worth asking yourself “If I was unable to work tomorrow, how long could I survive on savings before I’d have to significantly change the way I live”. For most, the truth is that it wouldn’t be very long so this can be an option to negate that risk.

 How can these save me money?

Building and Contents:

If you already have cover in place, it can be as simple as finding a cheaper premium than your current provider has. Alternatively, it may be that your current cover doesn’t cover you for something that you now need, finding the right cover can save you money in the event of a claim or if your current insurance covers you for something that you no longer need. There are a number of tweaks to a policy that can make a big difference to cost that we can talk you through them all. We will always provide an honest assessment, if your cover is fitting all of your needs we will simply confirm that and nothing needs to change. 

Income protection:

With income protection the benefit to you comes in the event of an accident, sickness, disability or redundancy (not all policies will cover this so request it specifically when speaking to us). In the event of any of these issues you will generally receive between 60-65% of your pay at the start of that 12 month period for your specific occupation. At the end of the 12 months you would renew the policy, the renewal is just there to ensure you’re always covered for the amount you need if your income has changed or if you’ve changed jobs. Other details that effect the cost can be discussed with with us during your protection review, it largely depends on what line of work you’re in and the existing benefits you have with your employer such as how long you receive sick pay, for example.

 

Some of the main reasons to get cover:

Building and Contents:

  • Having buildings insurance is mandatory for a mortgage
  • Contents insurance is there to protect your belongings against many events like fire, accidents or damage from pets, to name a few
  • Can cover children away from home 
  • Designed to fit your needs specifically
  • Can cover you from theft when you are abroad
  • Home emergency cover can be invaluable in the event of your heating system, plumbing or electrical systems going down

Income protection:

  • Can have pricing options that suit you with shorter term accident, sickness and unemployment cover or longer term cover until retirement
  • Can protect against redundancy
  • Designed to fit your needs specifically 
  • Peace of mind that your income is protected
  • Can have multiple claims over the lifetime of the policy
  • Can be index-linked to ensure that the cover stays in line with the Retail Price Index; as your income increases, so will the amount you’re covered for

These are just a few of the reasons either of these products can be useful to you.

 

Can’t I just do this myself though?

Absolutely and in your situation you may, at the very least, already have buildings insurance in place. If you choose to have a review with us, we can compare products across our select panel and provide bespoke solutions for you. We can also suggest options you may not have known to look for but could be the right option for you. There is no charge from us for helping with insurance so it’s really just a case of getting free advice tailored to your needs. There are no obligations to take out any insurance products with us.

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JW Mortgages Limited is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority do not regulate Buy to Let Mortgages.

J W Mortgages Limited is registered in England and Wales.  Registration Number: 10086660.  Registered Address: 1 Bamburgh Close, Rushden, England, NN10 0TD

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