What is Home Buyers Protection Insurance?

Published 17th December 2019

Home buyers protection insurance is designed to provide better peace of mind when buying property. After putting in an offer, paying various costs, and getting excited about the sale going ahead, it can be devastating to suddenly have the deal fall through. For many would-be buyers, this can end up being not only a stressful process but also one that costs a great deal in costs. Buyers then have to go right back to the very beginning again when putting in an offer on a new property.

With home buyers protection insurance, a great deal of this stress can be minimised, giving buyers the benefit of recovered costs in the event of a purchase falling through. Keep reading to find out more about this type of insurance.

A Guide to Home Buyers Protection Insurance

How does
home buyers protection insurance work and why should you consider this
insurance? Let's take a closer look to find out more about this type of
insurance.

Protects against lost offer expenses.

There are many expenses that soon add up when putting in an offer to purchase.
Aside from mortgage costs, there are also conveyancing service costs, survey
costs, and various other costs. Many home seekers are willing to cover these
costs but often battle when a deal falls through. When these costs are not
recovered, it can make it far harder to put in a new offer on a property.
Insurance provides the best way to protect against such expenses, making it far
easier to affordably find your dream home without spending a fortune in
associated costs more than once.

Covers a wide range of situations.

A good buy protection plan should protect you against a range of situations.
There are many reasons that a seller may pull out of the deal. In some cases, it could be
something completely out of the seller's control, such as the death of a spouse
or an event that affects the transaction in another way. In other cases, it
could be gazumping, when an offer is rejected in favour of a better offer. It
could also be the buyer not qualifying for mortgage or even poor survey
results.

Gives better peace of mind.

Finally, one of the biggest advantages of buyer protection plans is that they
give peace of mind throughout each stage of the offer to purchase. Buying
property is stressful at the best of times. When things do not go to plan and
deals go south, it can be even more stressful. Having protection against a
range of events is the best way to keep the process as stress-free as possible.
While you cannot fully control every single step of the process, you can at
least avoid added costs and related stress that comes with having a deal turn
bad.

Working with an experienced conveyancing solicitor will allow you even more
peace of mind, knowing that you have help each step of the way. Contact Home Legal Direct to learn more about our insurance
plans that range from home buyers protection insurance to building and home
insurance.