Along with home and contents insurance, there are two other types of insurance you should know about when buying a home.
Mortgage insurance: is designed to protect you as the borrower in a home loan, in case something happens and you are not able to pay your mortgage. It usually covers repayments on your home loan for a certain length of time if you lose your job or are unable to work, for example due to illness or injury.
Landlord’s insurance: is a policy which protects investors who own properties which they rent out to tenants. This insurance will generally cover you if the tenant defaults on their rent, and against theft, burglary or damage to your property and possessions which are in the house.