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buildings insurance

Home insurance is particularly important when purchasing a property, protecting your home from loss or damage due to various circumstances including fire, flooding, natural disasters and much more. Unlike contents insurance which covers the possessions within your home such as furnishings, appliances and technology, buildings insurance is usually a compulsory element to gaining a mortgage on your home as set out by your lender, and covers the bricks and mortar together with any fixtures and fittings.

It is important to understand what is covered within your policy as many things may be excluded from your insurance. If you live in an area which is susceptible to flooding, it is likely for example that you will need additional cover to protect you in the event of flood damage. It is a good idea to consider getting cover for things such as flooding as soon as possible, and understand what is included as many people suffer the unfortunate realisation that they are not covered for many things only after the event.

Most good buildings insurance policies should protect your home from things such as subsidence, storm damage, vandalism or burst pipes as well as flooding or fire damage. If you delay having cover in place, you could risk being liable for thousands of pounds worth of repairs or forced to sell your house quickly to avoid repossession.

When it comes to working out how much to insure your home for, it is a good idea to get advice as you don’t want to under-insure your home, nor pay a higher premium unnecessarily. You would normally cover your home for how much it would cost to rebuild rather than what the market value is at the time. This should also reduce your premium, and a surveyor can help you work out the cost of rebuilding your home for insurance purposes.

When choosing your home insurance remember to obtain lots of quotes and compare additions such as legal cover, what your covered up to and any excess payable. When it comes to renewal don’t simply auto-renew your policy as you could be getting a better deal if you shop around. You could also consider increasing your voluntary excess which could shrink your premium but be aware that you need to be able to pay it if and when the time comes, so be realistic or you could be faced with a difficult dilemma. You can also save money if you have a history of no claims, so putting things in place to protect your home from certain occurrences could help avoid insurance claims in the long run. And of course when comparing buildings insurance quotes, remembers that the cheapest isn’t always the best option as it may exclude a lot of important elements to the policy. Decide whether you need legal cover, how much you want to be covered and any other extras and work out the best policy that is right for you and your home as it is important that you are covered when the time comes.

by Cormac Henderson

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