Considering Insurance Needs When Buying a Home

Finding a mortgage broker in Double Bay can help you obtain the home finance that suits your needs, but there is more to think about when purchasing a home than just loans.

Insurance is a big part of not only becoming a homeowner, but also a cornerstone of smart financial planning.

Besides lenders mortgage insurance (LMI), which will likely be required if you take out a home loan exceeding 80 per cent of a property's value, there are other coverage options to consider.

For instance, home building insurance is intended to protect you from financial loss relating to a home, as well as its fixtures and fittings. This type of coverage can often be extended to cover garages, pools and fencing, as well.

This insurance is an important part of obtaining protection from natural disasters, in addition to theft and vandalism.

Meanwhile, contents insurance is designed to offer protection for the possessions inside your home, such as furniture, jewellery, electronics and other valuables.

If you're seeking a mortgage broker in Double Bay, it could be well worth your time to find one who also acts as a financial planner to help with needs beyond home loans.

Contact Daniel Pym and I'll assist you in finding the mortgage that suits your needs, as well as other financial planning matters.