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Another common insurance policy that many homeowners decide to take out is Mortgage payment protection insurance (MPPI) - this type of policy can cover your mortgage repayments for a period of time in the event of accident, sickness or unemployment.
Buildings Insurance
Every mortgage lender will require you to have a buildings insurance policy in place when taking out a mortgage.
If you own the freehold (the building and the land that it stands on) it is your responsibility to arrange this insurance. If you are a leaseholder then you must make sure that your freeholder has arranged cover on your behalf. It is common for leaseholders to pay out for this policy in there annual management payments to the freeholder.
As long as you have a mortgage on your property then the lender will have an invested interest in it too. The lender will therefore be very keen to make sure that you have your property covered in the event of fire, subsidence or heavy storms.
You may decide to arrange cover independently or through your mortgage lender, either way you may have to provide evidence that you have a sufficient policy in place. Most lenders will not insist that you take out contents cover for your home although this is usually highly recommended.
Contents Insurance
It is very common to arrange a combined buildings and contents insurance policy - most providers will offer to set out a policy in this way. If you ever need to make a claim, you will receive the cost of the replacements for damaged goods from your insurance company - often with an excess although this is agreed before you take the policy out.
An assessment of your possessions must be carried out before applying for contents cover to make sure that you are not underinsured or over insured. Some contents insurance policies will offer new-for-old cover whereas others may offer simply cash - decide which one best suits you before applying. Most people will prefer a new-for-old policy as this will ensure that they receive an exact replacement or even an updated version of the goods lost. In this way you will not have the hassle of shopping around in order to purchase a replacement.
There are certain factors that can reduce a contents insurance premium such as having a burglar alarm in place, having smoke alarms installed and even living in a neighbourhood watch area. There is a wealth of contents insurance providers around, from traditional insurers to banks and supermarkets - always shop around for the best cover.
Mortgage Payment Protection Insurance (MPPI)
Mortgage payment protection insurance can provide cover for your monthly mortgage repayments in the event of accident, sickness or unemployment. MPPI encompasses a combination of insurances however it is possible to arrange solely one type of cover. For example, you may simply wish to take out unemployment cover if you are already covered through work for accident and sickness..
While about 60 percent of new mortgage borrowers take out MPPI, only one-third of all borrowers have this insurance - this may be due on the main part to the price of the policy itself. As with all other insurance policies, it pays to shop around. There are even some mortgage deals that will have free MPPI included however this will only usually cover you for six months to a year.
Again, with all insurance polices it is important to make regular reviews or your cover in order to make sure that you are not underinsured or that your policy has not expired. Whenever you increase the size of your mortgage by way of a remortgage, you will also need to increase the level of the MPPI to reflect it.
Weall know that accidents can happen anywhere, but what happens if an accidenthappens at work? Can you make a claim against your workplace? If an injurywhich occurred at work prevents you from fulfilling your job duties, can youtake time off work until you are fully recovered? These are all commonquestions which are bound to go through a workers mind if they are the victimof an .
However,one of the main factors considered daunting by employees when making a claimfor an injury which occurred in the workplace is their job security i.e. ?willmy employer terminate my contract of employment if I make a personal injuryclaim against them??
Understandably,many workers are wary of against their employer, fearing thatsuch an action could have repercussions for them.
Inreality however, they should not be concerned. It is not legally justifiable tofire somebody for making an accident claim ? and indeed any such action couldamount to unfair dismissal.
Itis the legal obligation of all employers to provide a safe working environmentfor their staff. For example, workers who are required to use dangerousmachinery should be provided with protective equipment and should also be fullytrained to use to machine. If a worker is injured through no fault of theirown, then an employer could be deemed as negligent, and going against theirduty of care.
Inmany instances, an injury or accident could well have required an employee totake time off work or to suffer hardship. This can result in financialdifficulties such as struggling with mortgage/credit card repayments.
Alarge body of safety legislation has been built up to ensure that accidentvictims have a means to compensation in order to cover any financial losseswhich may have been a result of the injury. In most cases, compensation isawarded on a no win no fee basis which means that if the claimant is to wintheir case, the solicitors fees will be recovered from the losing side on topof any compensation award.
Inaddition, all employers are required by law to take out public liability insuranceto cover employee accidents. This means that it is the insurance company thatwill pay out any compensation, not the employer.
Suchclaims are in fact relatively common and most employers will have factored suchclaims into their business models.
Itis important to remember that accident victims are entitled to make compensationclaims. Many people are in pain or suffer financial loss after an accident.Their claims succeed because over the years ordinary people have been preparedto claim.
Manycompanies who offer compensation claims advice, are trained in handling workaccident claims and can advise accident victims on the suitable next steps andwhat to expect during the claims process. For more information on the claimsprocess, please visit .
Inconclusion, it is an employee's right to make a compensation claim againsttheir employer without fear of losing their job. In fact, thousands of peoplemake work accident claims each year and continue their normal working life
AtNational Accident Helpline, our trained staff are on hand to offer advice toaccident victims on suitable next steps.
Wecan then put them in touch with a local solicitor who may be able to take theircase forward.