First-Time Buyer Home Insurance Checklist
Make sure you're covered before you get the keys
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Protect Your First Home Properly — From Exchange Day
Buying your first home is exciting, but many buyers don’t realise they’re responsible for insuring the property from exchange of contracts, not completion.
Getting the right insurance in place isn’t just a tick-box exercise. It’s about protecting your home, your mortgage, and your future.
This guide walks you through exactly what you need and how Broadbench advisers can help you get it right.
Once you exchange contracts, you’re legally responsible for the property so require Buildings Insurance.
Make sure you:
- Arrange cover to start on your exchange date
- Insure for the rebuild cost, not the purchase price
- Check the excess levels
- Ensure cover includes:
- Fire, flood & storm damage
- Escape of water
- Subsidence
- Alternative accommodation
- Accidental damage (if required)
Many first-time buyers accidentally underinsure their property by using the market value instead of rebuild cost.
Your belongings can quickly add up to tens of thousands of pounds, so it’s prudent to get Contents Insurance.
Consider:
- The full value of your contents
- Single-item limits (jewellery, laptops, bikes)
- Accidental damage cover
- Personal possessions cover (items outside the home)
Underestimating contents is one of the most common mistakes first-time buyers make.
If you have a mortgage, it’s important to consider how it would be repaid if you were no longer here.
You may want to consider:
Decreasing Term Insurance (designed to match a repayment mortgage)
Level Term Insurance (fixed payout)
Joint or single policies
Writing the policy in trust
For couples buying together, this is particularly important.
Your mortgage relies on your income.
Ask yourself:
- How long would your employer pay you if you were ill?
- Self employed? Then considering Income Protection is vital.
- Could you cover your mortgage and bills long term?
Income Protection and Critical Illness Cover can provide financial security during unexpected health events.
If you’re buying leasehold:
- Check whether the freeholder arranges Buildings Insurance
- Request a copy of the policy schedule
- Understand what you’re responsible for
- Arrange your own Contents Insurance
Why Use a Broadbench Adviser?
- Your rebuild cost is correct
- You’ve selected the right type of life cover
- Your policy is structured properly for joint buyers
- You’re missing important protection
- Your policy is written in trust to avoid delays
- Online comparison sites can’t tell you if:
A Broadbench adviser provides:
✔ Access to a wide panel of UK insurers
✔ Expert guidance tailored to your mortgage
✔ Support at exchange and completion
✔ Help structuring Life Insurance correctly
✔ Ongoing annual reviews
We make sure you’re not just insured but properly protected.
Ready to Get Protected?
If you’re buying your first home, speak to a Broadbench adviser before exchange.
We’ll help you:
- Set up your Buildings & Contents Insurance
- Arrange suitable Life Insurance alongside your mortgage
- Make sure everything is in place on time
Book your free consultation today.