For a mortgaged property both the lender and the borrower need to make sure that the property is insured. For the lender it is the main security against the loan and for the borrower the protection of his/her home is of vital importance.

 On the other hand the lender is less concerned with the insurance of the property’s content. However, the borrower is likely to insure his/her belongings against loss or damage. In recent times, combined policies have become more common which offer both building and content insurance.

Building Insurance
For a mortgaged property the lender is likely to stipulate that the insurance for the building is taken out and maintained for the duration of the mortgage term.  The rights of the lender are likely to be noted in the mortgage deed. Some lenders use a block building insurance policy arrangement, where they agree the cover and the premium (payable by the borrower) with the insurance company. Details of this policy are sent out the borrower when the mortgage completes. However, it does restrict the choice of the borrower, but don’t forget that even if your property is insured by such a policy you can still switch to an insurer of your choice but check with your lender for any admin charges. Whatever your situation, PFI Management will be able to help. We have access to all the leading insurers and can provide you with the most competitively priced quote. Simply complete the online form and one of our advisers will be in contact with you.

Insurance Value
The sum insured is the cost of rebuilding of your property not the value of your property which includes the land value which you already own. Consequently, the reinstatement value is always less than the property value. However, most policies now insure the property for an upper limit e.g. £500,000 thus making sure that the property is not underinsured.

Cost of Insurance
If your building and contents insurance has been arranged by your mortgage company then you could be paying more than you need to. PFI Management is able to provide you with quotes from market leading insurance companies at extremely competitive rates.

Contents Insurance
A big part of insuring your home is insuring the things in it. What if your possessions were gutted in a fire, or if they were stolen? Could you afford to replace everything you own? If not then you need contents insurance regardless of whether you own or rent. In the latter case this is very likely to be your responsibility, not the landlord's.  PFI Management has access to all the leading insurance providers and we are confident that we can source the best and the most competitively priced insurance quote for you.

Total Sum Insured
According to studies, a typical household's contents are worth around £44,500, whereas the average sum insured is £35,000, which suggests that many of us are under insured by £9,500 (21%).

You may think that the chances of more than £35,000 worth of belongings being lost, damaged or stolen in one go is low. However, the insurers apply a technique called averaging when settling claims. If they surveyed your home after you made a claim, they could discover that your possessions were worth a lot more than the amount you had them insured for. So if, you had dropped your new, £1,000 laptop down the stairs, using the above figures you might get £1,000 less 21%, which is less than £800!

Keep your Insurance Up-to-date
It's amazing how much your household items can add up to, especially the new gadgets; so we advise that you do a quick inventory to establish the real worth of your possessions. Failure to disclose things might invalidate your insurance, or you may be hit by averaging.

Index-linked Policy
As with buildings insurance, some insurers offer contents insurance policies that are linked to inflation and the total sum insured goes up automatically each year. However, you should check the value of your possessions on a regular basis to ensure you're not over or under insured.

Cheaper Insurance
PFI Management will be able to find a cheaper deal by comparing quotes from several insurers on your behalf; be it at renewal date or at a new inquiry stage. We strongly recommend that you just don’t renew your existing policy, and give us the opportunity to save you money by improving on your current insurance premium.

All Buildings and/or Contents policies will have exclusions. We will discuss this with you before we make a recommendation.

As with all insurance policies terms, conditions and exclusions will apply.

Please fill the online form which will enable us to provide you with the most competitive quote.