Building Insurance

Types of Cover There are different types of Building insurance. The most important thing is to make sure you are covered for the full rebuilding cost, and not the market value. It is often more costly to buy a new house than it is to totally rebuild your own from scratch as the land underneath usually remains unscathed. Remember, the same type of house in a slightly different area can have a lower market value than another but yet cost just the same to rebuild in the event of a fire, etc. Therefore, cover your house against the rebuilding cost, and not against its market value. Building Insurance Building Insurance is very important, just imagine if your house burnt down. A lot of Mortgage providers now insist on you getting buildings insurance so if there is a disaster of some kind you can afford the repairs. Your buildings insurance policy should cover funds to totally rebuild your house if there were a major disaster. Some policies only cover market value, so you should check that. Your policy should also cover for any damage caused by:- Flood or Storm Damage Water leakage, such as a burst pipe Fire and smoke damage Subsidence Vandalism or third party damage Your policy should also provide alternative accommodation should your house be uninhabitable. As well as the structure of your building the insurance policy also covers permanent fixtures and fittings including baths, toilets and fitted kitchens, bedroom cupboards and interior decorations. This is for items that cannot be removed and taken to a new home, for example fitted cabinets. Policies usually cover outbuildings such as garages, greenhouses and garden sheds but might not cover boundary walls, fences, gates, paths, drives and swimming pools. Don’t just go for the cheapest quote, think realistically about your needs. There are plenty of insurance companies out there, so shop around get some quotes and look for a policy that offers the best cover at the cheapest price.