8 Reasons Why You Should Consider Using An Insurance Broker

Now that you are getting a home loan, there are some important insurances you will have to consider.  The first type is the Building Insurance – this is something you will need to get before your loan settles.  All lenders require you to have this type of insurance, and it needs to have your lender listed as the ‘interested party’.

Body Corporate

The only situation where you do not need to go and take out this insurance yourself, is if you are buying a unit or other property with a body corporate or strata title.  In these cases, the body corporate (or strata arrangement will) takes out the insurance for the whole building.  This cost is often, in fact, the majority of the body corporate fees that you will be charged for that type of property.

Most banks require the building insurance to be for a certain amount which is usually identified in your valuation.  This is to ensure that your house could be replaced if needed.  It is often beneficial to also take out contents insurance at the same time to cover your other belongings.

What Ifs

Now that you have your largest liability of your lifetime, it is essential to really consider the ‘what ifs’ that can happen, especially when you least expect it. We suggest you think about how you would pay your home loan if some other type of emergency happened, whereby you were unable to earn an income etc.  This can include things such as Income Insurance.  Landlord’s Insurance is a further type of insurance you may be best to consider if you have an investment property.

Why Use An Insurance Broker

Here are some benefits you will get by using an insurance broker:

1. They have access to all major Australian insurers which means you have various options to choose from

2. You can pay by the month, over 12 months, to make it more affordable instead of one lump sum.

3. They fight to find you the best deal that suits your given circumstances. They don’t represent any particular insurer, so no bias.

4. They help you with all lines of insurance: private motor, house, building, landlords, public liability, business etc

5. Flood cover is included in all house and landlord policies – but you only pay for it if you’re in a flood risk.

6. You have access to a local claims team here in Australia (no overseas call centres).

7. If you’re aged 55+ then you are able to get home policy discounts.

8. It’s simple and easy to have all insurances available in one place which gives you peace of mind.

Essentially, an insurance broker is the equivalent of your Living Home Loans Mortgage Broker, whereby they can compare and find the products in the market which are best suited to your situation.  This can give you the backing of their expertise, a competitive viewpoint, and a wide range of products to choose from.

We have a well trusted and experienced insurance broker group that we can connect you with.  They will guide you in the right direction, to ensure your insurances cover you for those unexpected events.  This also simplifies the process for you, when you are getting ready to settle on your new home loan.  So contact us now and we will help steer you in the right direction to getting the most competitive and suitable insurances possible.