If you own your own home, or own a property that you rent to tenants, then you need buildings insurance. This cover protects the fabric of the property you own rather than your possessions, should the worst happen.
Most buildings insurance policies cover the cost of any permanent structures. Also included are internal fixtures such as bathrooms and fitted kitchens as well as any walls or fences that define the boundary of your property. Outbuildings, such as garages, sheds or greenhouses may also be covered, but check the small print to make sure.
If the property is mortgaged, having adequate buildings insurance is a usually a mandatory condition of your mortgage agreement. Don’t be duped into taking out expensive cover from your mortgage provider (unless it forms part of the offer). Shopping around for the best quote can sometimes save you money and in some cases, provide increased levels of cover.
Most comprehensive buildings insurance policies will cover you for damage or destruction from the following:
• Fire, storm and flood
• Lightning, explosion and earthquake
• Subsidence and landslip
• Vandalism and rioting
• Theft or attempted break-in
• Collision by or fallout from aircraft
• Falling trees, breaking or collapsing aerials
• Impact by vehicles or animals
• Water leakage from pipes or tanks
• Oil leakage from heating installations.
You might not be covered for damage or destruction resulting from the following (although be awre you may need additional cover)
• DIY
• War
• Acts of terrorism
• Pollution
• Nuclear or radioactive contamination
Cover, and the cost of the cover, can fluctuate depending on the area you live in, the underwriter’s risk assessment and if your property has a history of subsidence or flooding. Always declare any information that you think may affect your policy – failure to do so could invalidate your insurance. Don’t feel tempted to withhold information in order to get a lower premium – this could backfire should you ever need to claim.
Read our home insurance articles and guides for more great topics or get a home insurance quote.