Buildings Home Insurance

Home insurance is usually divided into two aspects: Buildings insurance and contents insurance. Buildings insurance will provide you with financial protection in the case of theft or damage to your property. In terms of damage to your property, buildings insurance will cover you against a stated list of perils. This typically includes fire, subsidence, leaking pipes/tanks, falling trees, flood and storm. It also provides essential cover for your legal liabilities.

Buildings insurance obviously covers the property itself, but also covers any permanent fixture. This includes any outbuildings, such as garages, greenhouses and sheds. Driveways, fences, walls, swimming pools and tennis courts may or may not be included: These are dependent on your individual buildings insurance policy. However, bathroom suites, bedroom cupboards, interior decorations and fitted kitchens are considered permanent fixtures and are therefore also covered.

Buildings insurance cover includes the cost to repair or rebuild your home if it is damaged. This is called the sum insured. The estimated cost to rebuild your property is established by a surveyor acting on behalf of your insurance provider. The majority of buildings insurance providers will not exceed the sum insured should your property be destroyed and in need of rebuilding. However, there are some home insurance companies which offer an unlimited level of cover.

It is worth noting that buildings cover is a must for homeowners or anyone looking to buy a house, as the majority of mortgage lenders require the customer to have sufficient building insurance to cover the rebuild value of their home at the very least. It is for this reason that many people opt to buy their buildings insurance premium through their building society or lender when they take out their mortgage. However, this is not a must.