Don't make a drama..................

The red phone, the dog, that bloke from the Fast Show, moustaches, annoying robots - this week we are talking insurance.

A prerequisite when taking out a mortgage is the necessity for you to demonstrate to the lender that you have the correct insurance in place. Your solicitor will have to confirm this to the lender. A minimum is buildings insurance to cover the cost of rebuild and that figure can be found in the Home Report. Always best to shop around and don't take the offer of insurance from the lender.

You also need the right insurance and that falls into FOUR types:-

1. Standard - You are going to live in the property as your main residence. Pretty straight forward and probably the cheapest policy

2. Factored - If your property is factored then expect the good old factor to organise this. Lack of choice comes with this arrangement. Are the factors getting you the best deal?

3. Holiday Home - sometimes tricky to get and in all likelihood the most expensive given the fact that you will not be there all the time.

4. Buy to Let - Not everyone will look at this. Going to be more expensive than your bog standard policy. You might want to think about putting some loss of rent insurance in place at the same time.

The principle behind insurance is "uberrima fides" which means upmost faith so no point pulling a fast one and taking out standard insurance when you know that the property is being rented. Pony up the premium and sleep at night!

Happy to discuss any insurance issues that you may have.