If you are looking to protect your property against structural damage, fires, or floods you will need Buildings insurance. Our guide to buildings insurance will go over how buildings insurance works, what it covers, and how you can assure your property is completely protected.
An estimated 16.5 million homes in the UK are protected by buildings insurance, is your house one of them? If not, it should be, and our guide to buildings insurance will go over some of the reasons why.
What is building insurance?
Building insurance is a type of policy used to cover the structural repairing and rebuilding of your home. This type of cover will protect your roof, windows walls and any other permanent fixture and fitting of your property.
Floods, fires and storms are some of the most popular events protected by buildings insurance. Depending on the damage insurers will pay for a partial fix of your property, or if necessary cover the cost of a full rebuild.
What’s the difference between buildings insurance and contents insurance?
As explained above building insurance covers the structure of your home and its permanent fixtures and fittings. Contents insurance is used to protect your belongings and the things you store inside your home. If you are looking to protect your valued possessions please visit our Contents Insurance page or our Watch and Jewellery insurance page.
Who is buildings insurance for?
This type of insurance should be the responsibility of Property owners and landlords. If you are renting a property you should instead consider a contents insurance policy to protect your belongings. If you own a flat as part of a larger apartment block you also won’t need individual buildings insurance. This should be protected as a whole.
Do you need buildings insurance?
Legally you do not have to get a buildings insurance policy for your home, although, there are some instances where you will need to.
If you are using a mortgage to buy your property lenders will insist that you get a buildings insurance policy before you receive your loan. They do so because once the contracts are signed you will be liable for any damages the property may incur.
If you have paid for, and own your home it is also advised you get this level of cover. It’s better to be protected by an insurer than having to pay for the cost of damages, or in the worst case, a full rebuild of the property.
What is covered by buildings insurance policies?
Buildings insurance usually cover repairs caused by:
- Fire, flooding, and storms
- Frozen or burst pipes
- Structural damage
- Falling trees, lamp posts, or satellite dishes
- Accidental damage
- Vehicle collisions
Buildings insurance policies will often protect your outside fittings such as garages, sheds and fences.
What isn’t covered by buildings insurance policies?
Depending on your insurance provider, buildings insurance exclusions can vary. Normally the type of damage
- Wear and tear of the property
- Damage caused by neglecting your property
- Poor workmanship
- Damage caused by insects, birds, or other pests
It is vital that you check what is included in your buildings insurance to avoid disappointment if you’re not covered for something that has happened to your building.
Types of Buildings insurance
Sum insured cover calculates the total rebuild value of your home from scratch. This will take in consideration everything from professional fees (surveyors, architects, builders) to the material cost of actually rebuilding your property.
Bedroom rate cover is calculated by costing the rebuilding of your property based on the number of bedrooms. This can often provide a fairly high value of cover for your home, with almost half of these policies acquiring a sum of £250000 or more.
How much Buildings insurance cover do I need?
You should insure your property for at least its full rebuilding value at the most recent rate. Insurance is there to give you the peace of mind that your property is protected so it’s worth having the highest level of protection in case the worst happens.
Rebuilding rates go up every year, and you want your estimate to be as accurate as possible, so it’s worth having your rebuild value evaluated every few years.
High-Value buildings insurance
If you own a high net worth property, it is important that your insurance policy reflects its value. When ensuring a luxury building, homeowners need to consider the rebuild cost of the property in case of damage. If standard home insurance providers won’t cover that amount then you will need specialist cover.
Non-standard Buildings insurance
If you live in a non-standard property like a thatched cottage or a property with cob walls you will need a specialist insurer. This is due to the added risk this type of property can incur to insurance providers. If you are looking for a specialist insurance policy for your home, please visit our non-standard home insurance page.
Three Castles Approach
Three Castles understands the nuances of insuring high net worth properties.
Our buildings Insurance policy offers:
- Unlimited buildings cover- Guaranteeing the full rebuild cost of any accidental damage. This removes the risk of underinsurance, giving you the peace of mind that whatever the damage, your building and fittings will be completely covered.
- Multi-Cover Policy – Combining state of the art technology with multiple data sources we can build a flexible insurance package that covers your motor, pet, and travel insurance in one easy to access policy
We hope you found our guide to buildings insurance helpful. Please contact us on 03300 948 781 or get a quote to find out more about our services.