Have you heard of the term building insurance and mortgage payment protection cover? Most of the time, these two types of insurance are compared to each other.
On the other hand, even if they have may differ in a number of coverage and benefits they both protect properties and shelter.
With the wide range of insurance being offered in the market today having building insurance and mortgage payment protection cover may be both an advantage and disadvantage on your part as the consumer.
This is due to the fact that an insurance buyer may be confused with the different choices presented to him or her but a smart buyer knows that he or she needs to understand everything regarding mortgage protection and building insurance so that they may pick which one would suit them best.
One type of insurance policy one may want to take is the building insurance.
This is a type of cover which has the capability to defend the policy holder and their property for certain reparations to your residence caused by calamities or natural events such as a tree falling in your house due to a storm or a tornado.
Most insurance companies will ask you to acquire a building insurance since most mortgages go with it.
In addition to that, people residing in flats may get their own building insurance as well.
In instances like this one, it may be arranged in connection to the overall property owner where the house is placed.
In addition to that, building insurance cover is an insurance which can also be a supplementary coverage of another insurance cover.
For example, if you bought a mortgage payment protection insurance plan you may have building insurance as an aspect of this insurance.
Not only that, this kind of insurance can also be an aspect of life insurance.
This is very different from the usual perception that life insurance is not that essential to the life of a prospective insurance buyer.
It's like hitting two birds with one stone.
On the other hand, mortgage payment protection insurance cover is a type of insurance plan which can help you pay for your mortgage premiums of you are not able to do so due to some justifiable reasons.
Since your home is one of the most important investments you can have, securing your payments is a good idea.
You cannot always rely on the government to help you when you cannot work this is why mortgage payment protection insurance cover works really well for you.
In buying mortgage cover, you should check the benefit period.
This is the length of time needed for an insurance provider to be able to give you your monthly payments.
This can vary from one policy to another.
The longer you want to be covered the higher the price of the premium.
To add to that, you should also check the initial exclusion period being offered at the commencement of your insurance contract.
This period is the time frame wherein no kind of claims may be made so you still have to wait for quite some time to actually get it.
This may range from a month to two or even more.
These are just some things you should know about building and mortgage insurance.