Why you need it
Home buildings insurance could give you the peace of mind that you'd be financially
covered if damage occurred to your home. It's designed to protect your actual property,
i.e. the entire structure of the building including walls, windows and roof.
It also covers all the permanent fixtures, such as a fitted kitchen, fitted bathroom
suite etc. It will normally cover you for a number of eventualities including: damage
from fire, flooding, falling trees, theft and vandalism.
When you take out a mortgage, your mortgage provider will probably insist that
you have buildings insurance - to protect the amount they have loaned you.
For example, if your whole house burnt down, your mortgage provider would
want to know that their investment in the property wouldn't go up in smoke too!
If you're looking for a buildings insurance quote, we can help you find a policy
that suits your property.
What does it cover?
Typically, a standard buildings insurance policy can help cover damage to your property from the following:
- Fire
- Flooding
- Subsidence
- Storm
- Explosions
- Malicious vandalism
Policies may vary between providers, so it’s important to read the full policy wording to check exactly
what eventualities are covered and what circumstances will be excluded.
Buildings insurance could also provide you with liability cover. This could help cover your legal liability as
the property owner should any damage be caused to a third party or a third party's property. For example,
if a loose tile fell from your roof and dented someone's car, you might have to cover the cost.
Handy hints
Here are a few handy hints to think about:
How much cover?
Your buildings insurance needs to cover the cost of totally rebuilding your property
from scratch (the rebuild cost). If your home was completely destroyed, this is how
much it would it take to build it again - including demolition, site clearance, builders'
and architects' fees. Also, remember to take into consideration any luxury additions to
your property - like a high spec fitted kitchen or a conservatory. The rebuild cost is
different from your home's market value, which is the price your home is likely to sell
for if it went on sale.
What's the excess?
The excess is the amount you will have to pay in the event of a claim. You will need to pay this amount out of
your own money before your insurer will pay anything. This could be the first few hundred pounds of the claim
or maybe more. Make sure you check this amount before choosing to buy a policy and that you'd be happy paying
it if you needed to claim.
What affects the premium price?
How much you pay for your buildings insurance will depend on several factors. Firstly, your postcode can have
a bearing on the price as some areas are seen as more of a risk than others. For example, if statistics show
that you live in a crime hot-spot, your insurer may consider your property a risk and probably charge you
more for your cover. Also, if your home is at risk of flooding, you're likely to have higher premiums.
The type of property you own can affect the price you pay for insurance. This can be based on size, number of
bedrooms, type of building and age of the property. If your property is made from specialist materials - such as
a thatched roof or timber frames, it may also cost more to insure.
Can I lower my premium?
Enhancing the security features on your property may help lower your premium. Fitting high-quality locks and
installing a burglar alarm could lower the risk of a break-in and therefore make you more appealing to an insurer.
Increasing your excess amount might also reduce the price of a policy, but make sure you'd be happy paying
this amount should you need to claim.