Home Buyers Protection Insurance is seen as a safety net for those who are looking for a trustworthy way to be protected by an insurance company in the event of your property purchase falling through. Of course, this is something we want to avoid at all costs, but this can unfortunately happen in some cases.

As with any type of insurance, what you will be covered for will depend on the type of policy your insurance company has, but with a typical Home Buyers Protection Insurance, you can be covered for things such as your legal fees, survey costs, mortgage arrangement charges, or other payments you may have made during this period of time.

While these are probably the most common areas of a policy, it’s always good to check the fine print and see exactly what you will be covered for. If there are also things you aren’t sure on, it is vital that you contact your insurance company for a full breakdown of what you will be covered for and how much.

Your next thought may be thinking when the right time is to submit a claim, here’s our recommendation. When you think you need to submit a claim, it’s important to double-check the insurance details and get a rough idea of what they will cover.

For example, if your property gets damaged, if the seller changes their mind, if you have been made redundant, it’s not legal for the seller to be selling the property, and more. It's always handy to enquire about the right time to submit a claim as each insurance company will go by different instances.

There will also be certain policies for claiming on your insurance and what they unfortunately cannot cover. Again, this will heavily depend on how flexible they are with your situation and if it fits within their guidelines of a claim.

The cost of this policy can range from as little as £50 depending on what they offer as an insurance policy.

If you’re looking for detailed advice within the real estate field whether you’re a first-time buyer or a landlord, we have got you covered!

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