Structurally, your home may feel sturdy, solid and secure. That’s the beauty of bricks and double-glazing – you can shut out the world. Yet, even the most robust property is vulnerable to extreme weather, flooding, freak accidents or malicious damage.
What does buildings insurance do?
Buildings insurance covers the structure of your home, plus fixtures and fittings, such as fitted kitchens and bathrooms. When specific incidents occur, your insurer will pay out up to the maximum sum you’re insured for. Some insurance policies will also cover outbuildings, including garages and greenhouses.
It is important that your property sum insured is enough to pay for a full re-build. Although these costs are influenced by market value prices, the real cost may be less or more. Insurers will take into account the:
· rising costs of labour;
· costs of specialist materials on your property, including bricks, stone and tiles;
· costs of removing debris and preparing the site ready for repair.
Insurance providers do make minor adjustments to sums insured year-on-year to mirror inflation rises.
What situations are covered?
It’s natural to be influenced by price. But when selecting your insurance policy, get clued up on what situations you are covered for, or your insurance could end-up being a false economy. You can source protection for most building risks, including:
· Damage caused by fire, explosion, lightning and earthquake.
· Damage caused by falling trees (from your own and neighbouring properties).
· Storm and flood damage (usually excluding gates, fences or railings).
· Impact from vehicles, animals, aircraft and items dropped from them.
· Cover for subsidence and/or heave of the land on which your building stands; or landslip.
· Water damage caused by burst pipes and tank leaks.
· Accidental damage to service pipes and cables.
· Riot, civil commotion, malicious damage, vandalism and theft.
· Oil leakage.
· Damage to glass and sanitary fixtures.
Optional add-ons, like legal support are also often available.
Need more help deciding?
If you’re wanting to research and cross-compare product features, we can give you some impartial and honest advice to help you choose. And remember, more savings can be had by combining your buildings and contents insurance.
For Buildings and Contents insurance we offer products from a selected panel of providers.