Buildings Insurance – A Comprehensive Guide

When it comes to protecting your most valuable asset, buildings insurance is crucial. The policy provides coverage for damage or destruction to your home, including the physical structure, fixtures, and fittings. In this guide, we’ll take a closer look at what buildings insurance covers, the different types of policies available, and what to consider when choosing coverage.

What Is Buildings Insurance?

Buildings insurance, also known as home insurance, is a type of policy that provides coverage for the physical structure of your house. This includes the walls, roof, floors, and permanent fixtures such as built-in kitchen units, bathroom fittings, and fitted wardrobes. In the event of damage or destruction to your home, buildings insurance can help cover the costs of repairs or rebuilding.

It’s important to note that buildings insurance covers the physical structure of your home, but not its contents. For that, you’ll need a separate policy known as contents insurance.

What Does Buildings Insurance Cover?

Buildings insurance typically covers damage caused by a range of events, including:

In addition to these events, buildings insurance may also cover damage caused by subsidence, landslips, and other geological problems. It’s important to read the policy documents carefully to understand exactly what is covered.

Types of Buildings Insurance Policies

There are two main types of buildings insurance policies: standard and comprehensive.

Standard Policies

Standard policies provide coverage for damage caused by a limited number of events, typically including fire, flood, and theft. These policies are generally cheaper than comprehensive policies but also offer less coverage.

Comprehensive Policies

Comprehensive policies offer more comprehensive coverage, including damage caused by a wider range of events. This can include accidental damage, for example, if you accidentally put your foot through the ceiling while walking in the loft. Comprehensive policies typically cost more than standard policies, but they offer greater peace of mind.

What to Consider When Choosing Buildings Insurance

When choosing a buildings insurance policy, there are several factors to consider:

Coverage

Make sure you understand exactly what is covered by the policy. Read the policy documents carefully and ask questions if anything is unclear. Consider whether you need a standard or comprehensive policy, depending on your needs and budget.

Excess

Excess is the amount you pay towards a claim before the insurance company pays out. Consider how much excess you are comfortable paying and choose a policy with an excess that suits your budget.

Cost

Compare quotes from several different insurers to find a policy that offers the coverage you need at a price you can afford.

Policy Exclusions

Make sure you are aware of any exclusions to the policy. For example, some policies may not cover damage caused by certain events or may exclude certain areas of the property.

Valuation

Make sure your property is accurately valued. Under-insuring your property can result in a smaller payout if you need to make a claim. Over-insuring will result in higher premiums than necessary.

FAQ – Frequently Asked Questions

Do I Need Buildings Insurance?

Buildings insurance is not a legal requirement, but it is strongly recommended. Without buildings insurance, you would have to pay for any repairs or rebuilding yourself in the event of damage or destruction to your home, which could be a significant financial burden.

Can I Get Buildings Insurance If I Rent My Home?

No. Buildings insurance is only available to homeowners. If you rent your home, your landlord should have buildings insurance to cover the property.

Do I Need to Have Contents Insurance as Well?

While buildings insurance covers the physical structure of your home, it does not cover your personal belongings. Contents insurance is a separate policy that provides coverage for your belongings, including furniture, clothing, and electronics.

How Much Buildings Insurance Do I Need?

The amount of buildings insurance you need depends on the value of your property. You should make sure your property is accurately valued and insured for the full value of the rebuild costs.

Can I Change Buildings Insurance Providers?

Yes. You are not tied to your current buildings insurance provider and can switch to a different provider at any time. Make sure you compare quotes from several different insurers to find the best policy for you.

By understanding what buildings insurance covers, the different types of policies available, and what to consider when choosing coverage, you can make an informed decision and protect your most valuable asset. Don’t wait until it’s too late – get buildings insurance today.