Building Insurance

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There’s nowhere quite as important as our home. Whether you reflect on it functionally, as the place we eat, sleep and raise our families, or sentimentally, as the scene of first steps, birthday celebrations and Christmas dinners, there’s no overstating the how precious our properties are. And that makes having the right protection essential.

Buildings insurance ensures your house is covered in the event of structural damage. Should your home be flooded, or a storm sends a tree toppling onto your home, it will literally keep the roof over your head.

How much would it cost to replace roof tiles that have been ripped off by a storm? Or repair cracks in the walls due to landslips and subsidence? Structural work can be notoriously expensive – and, in some cases, your home will be uninhabitable until it is completed.

Buildings insurance policies cover the permanent structures in your home, including all fixtures and fittings, such as bathroom suites and fitted wardrobes. Outbuildings are usually protected by the agreement as well. Terms and conditions vary between providers, but the range of risks covered by a good insurer as standard include fire, smoke, lighting and explosion; burst pipes and water leakage; third party damage; theft; storm and flood; and subsidence, heave or landslip.

Anyone who has a mortgage on their property must have a buildings insurance policy. In buy-to-let properties, it remains the freeholder’s responsibility to ensure that they have adequate protection. Even in situations where a policy is not compulsory – such as those who own their home outright – buildings insurance is an important part of protecting your investments and your home.

As with any financial product, the finer details are important. Many policies will carry exclusions that you should be aware of, such as damage from wear and tear. If you live in a flood-prone area or your property has suffered subsidence, you may have a higher premium or excess attached to your policy. It may seem unfortunate, but will ensure that you’re in the best possible position, should damage occur again.

Finally, it is essential is that you have the level of buildings insurance that suits your needs as well as your pocket. Remember: the cheapest option may not always be the best – and the best is what your home deserves.

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