When we buy a new home it’s one of the most exciting and biggest purchases we will ever make. It is also one of the biggest financial commitments we will ever make and can last for 25 years or more. Maintaining this commitment requires income and many do not consider what would happen if their income ever reduced or worse still ceased altogether. What impact would it have on your family? Have you ever stopped to consider this?

The answer is possibly no as it is an uncomfortable prospect and understandably we avoid thinking about the situation occurring or the effect it would have on our families lives . However by speaking to a PBS advisor you could gain peace of mind by discussing your concerns and allowing us to make recommendations based on your individual needs and affordability.

Typically the most common policies are Life insurance, Critical Illness and Income protection and below is a brief explanation of what they aim to achieve.

This is a great way of helping to protect your family from the financial worries of household costs, childcare bills ,University fees or mortgage payments if you are no longer around. Life insurance commonly pays out an agreed lump sum but can alternatively be set up to provide a yearly income should this be more desirable. This can be taken as a standalone policy but more commonly is taken together with Critical Illness.
Without Buildings & Contents Insurance you could be financially ruined if a loss occurred or constrained by having to set aside money to fund your own repairs or replacement.

Buildings & Contents Insurance provides you with peace of mind by protecting your home, contents and personal belongings from damage or loss whilst also protecting your legal liabilities as a property owner or occupier.

Having good home insurance cover is essential when you own your property. Buildings and contents insurance both cover your home and the things in it, but when there’s so much jargon to get through, taking it out the right policy can sometimes be a daunting prospect.
With this in mind, in this guide we’ll aim to unravel the terms and jargon that accompany a home insurance policy – namely buildings insurance and contents cover.

Why is buildings insurance important?
Buildings insurance is not a mandatory requirement in the UK, but it might as well be. Most people would not leave their home unprotected, knowing that if something should happen they could be left severely out of pocket and, potentially, with nowhere to live. Furthermore, it can be very difficult to get a mortgage without having a good buildings insurance policy as it is a compulsory stipulation for many mortgage lenders.

What does buildings insurance cover?
Buildings insurance covers the bricks and mortar part of the home, which includes fitted fixtures as well as any outbuildings. It does not cover the value of the home, but looks at how much it would cost to literally rebuild the property from scratch, including labour and materials.
This means that if the house is damaged or destroyed in a natural disaster like a fire or a flood, or other natural events, buildings insurance will be invaluable. Having cover in place gives peace of mind when money is the last thing you want to be worrying about.

Why is contents insurance important?
Contents insurance is completely optional – unlike buildings cover it is not compulsory in any way. However, there is no denying that in case of an emergency like a burglary or flood, contents insurance is extremely useful. Without it, replacing your possessions could be costly.

What does contents insurance cover?
Put simply, contents insurance covers everything in your home that is not fixed and fitted against theft, loss or damage. While buildings insurance applies to everything that is stuck to your home, including things like fitted wardrobes and kitchen sinks, contents looks after those possessions that would fall out should you pick your house up and tip it upside down. This includes furniture, electrical goods, carpets and curtains.
When taking out a policy, it is essential that you provide a good assessment of your belongings. Being underinsured can turn out to be almost as bad as not having a policy at all and if something did go wrong, you might end up voiding the policy, or not being able to claim everything back.

But what happens if you instead suffer a serious illness and cannot work and provide for your family possibly ever again? We tend not to think about this especially while we are fit and healthy but it is important to ensure you are financially protected against any potential impact this could have for you in the long term. A critical illness policy pays out your selected amount of cover should you suffer a covered illness during the term of your policy.
It is very strange but true that we would all rather insure our houses, cars, mobile phones and pets rather than the most important thing that pays for them all….OURSELVES! Possibly the least taken up insurance in the UK yet arguably the most important is income protection. This type of policy is designed to do what it says, protect your income should you suffer an accident or illness and can pay out until retirement if need be.




PBS Independent Financial Advisers view insurance like any other financial product which should always be tailored to your individual needs. After an initial discussion about your current financial position and a review of any existing cover, we use our experience and expertise to advise you on your current cover, yours needs and any shortfalls. PBS have access to a range of providers and as a result can provide independent financial advice to advise you on the right product from comprehensive life and critical illness cover to buildings and contents insurance.

For more information and a personalised recommendation please don’t hesitate to call us on 01524 888877 to speak to one of our advisors.

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