Many sign fire insurance with their mortgage without reading what it covers — yet it protects your biggest asset. Understanding it means paying well for the right cover.
With a mortgage, almost every bank requires it for the term, since the home is their collateral. Even cash buyers benefit — premiums are tiny versus fire losses.
| Item | Basic cover |
|---|---|
| Building | Covered |
| Fire, lightning, explosion | Covered |
| Some natural perils | Often capped |
| Contents | Add-on needed |
You can pick your own insurer, not just the bank's offer. Compare premiums and cover, ensure the sum insured matches rebuild cost, and add contents cover for valuables.
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