Building Insurance – Why Do I Need Buildings Insurance?
Buildings insurance means that you are financially protected should your home be destroyed or damaged. Your insurance provider will pay out the value required to repair the damage or rebuild your home.
Buildings cover includes the main structure of your property, including the walls, doors, windows and roof, and most include fitted appliances such as your bathroom and kitchen.
What Is Covered By Buildings Insurance?
Insurance providers will lay out in your policy documents exactly what they do and do not cover. Typically, buildings insurance protects against the costs caused by repairing damage from:
- Storms and inclement weather
- Subsidence
- Vehicle collisions with your property
- Vandalism, theft and criminal damage
- Fires and the associated smoke and water damage
- Flooding
- Burst pipes due to ice or freezing temperatures
Most insurers will cover the cost of finding and renting temporary housing whilst these repairs are carried out.
What Does Buildings Insurance Exclude?
It is important to know what your cover does not include. These are shown as exclusions on your policy documents. Typical exclusions include:
- Wear and tear caused by time
- Poor workmanship or DIY
- Homes left empty over the holiday period allowable
- Excessive repair costs over and above the agreed values in your policy
- Appliance breakages
- Vandalism by a resident of the property
These exclusions are specific to the policy provider, and if you need assistance finding a provider who does include cover that you feel may be important, give us a call and we will help you find the right policy to ensure you are always fully covered!
How Do I Claim On Buildings Insurance?
Most buildings insurance policies are paid for via a monthly premium. You can also choose to pay the premium for the year in one lump sum, which is often slightly cheaper in the long-term.
If your home becomes damaged or destroyed, you will need to claim against your insurance. They will then either pay you a lump sum pay out for you to have the repairs carries out or will appoint a contractor to carry out the work, being paid by them directly.
Is Buildings Insurance Mandatory?
If you have a mortgage, buildings insurance will be required, as it protects the home against which your mortgage provider is lending.
Should you live in a flat, then the freeholder will usually manage the buildings insurance. If you own a proportion of the freehold, then you must all make sure that the building is adequately insured, and split the costs accordingly.
If you rent your home, then usually the landlord will provide the buildings insurance. However, remember that this excludes your possessions and furniture, so you may wish to consider taking out contents insurance.
What Is The Best Way To Purchase Buildings Insurance?
Buildings insurance can be purchased in any number of ways, through insurance providers, banks and comparison websites.
We always recommend using a broker to find the best insurance for you. This is because we are an independent broker, and can identify the best policies for your requirements and budget from an unlimited number of providers without being tied down to any specific company or brand.
What Should I Pay For Buildings Insurance?
The cost of buildings insurance can vary significantly depending on the age, size and location of your home.
When you apply for insurance, you will need to provide as much detail as possible, including information such as:
- The age of your property
- What your home is built from
- Whether you have any flat roofing areas
- If your area is a high-risk flood area
- Whether you live in a listed property or conservation area
- What sort of locks, alarms and security you have
- Whether your home has experienced subsidence in the past
- How many trees are near your home, and how large they are
There are many other questions an insurer may ask, so make sure to have as much information about your property available as possible, to speed up the insurance application process.
Building Insurance FAQs
How Do Home Insurance And Buildings Insurance Differ?
Buildings insurance covers solely the construction of your home, and not any of your furniture or possessions. This can be combined with contents insurance to provide home insurance, which usually covers both your property and the contents inside.
What Is An Excess Payable On My Home Insurance?
An insurance excess is a financial contribution you will need to make towards any new claim. Your insurance provider may have fixed minimum excess values, and the higher excess you can volunteer, the lower your premiums will be.
Can I Purchase Buildings Insurance For A Listed Building
Yes! If you live in a listed building or conservation area, you will need to take out specialist insurance. This is because your home will need specialist materials to repair, and needs insurance to cover the cost of those repairs properly.
Give us a call if you need specialist insurance, for access to the best deals on the market!
What Level Of Buildings Cover Do I Need?
The level of cover you need will depend on the estimated cost to rebuild your home – this will be a different figure than the saleable value of your property.
This figure is based on a complete rebuild from scratch, and will also include replacing permanent fittings such as kitchens and bathrooms.
Do I Need Buildings Cover For My Flat?
If you rent your flat, then usually your landlord will include buildings insurance within your rental agreement.
If you own your flat including the freehold, then you will be responsible for the buildings insurance for your proportion of ownership of the building.
If you own your flat leasehold, then typically the freehold owner will be responsible for the insurance, and the leaseholders will usually contribute towards the cost of this as part of the building maintenance agreement.
Will My Buildings Insurance Cover My Roof?
Yes, if your roof incurs storm damage, or is destroyed by a falling tree, for example, then it will be covered by your buildings insurance.
However, insurance does not cover general wear and tear, so if your roof starts leaking, as it hasn’t been maintained properly, then you will need to cover this cost.
Will My Buildings Cover Insure My Boiler?
Not usually – boilers can be added to your insurance policy, or protected through separate boiler insurance or home emergency insurance.
Does Buildings Insurance Include Burst Pipes?
Yes, if your pipes become damaged by frost and burst, this is normally covered by your buildings insurance. However, if your pipes are damaged through wear and tear or age, such as rust, then this will not be covered.
Does My Insurer Cover Subsidence?
Yes, buildings insurance will usually cover subsidence. However, if your property has suffered from subsidence before it may be more complex to find home insurance, and your premiums may be higher.
