House insurance: Buildings insurance explained

Buildings insurance is one type of cover for your home; know the details about this house insurance cover

17:24 27 November 2012

Many people are aware of contents insurance but buildings insurance is another main type of house insurance that is available to home owners. But how much do you know about buildings insurance cover?

 

You do not have to take out buildings cover by law, but most mortgage companies will insist that you have cover in place on your property, so it is in your best interests as well as the lenders to have this type of house insurance set up.

 

With the current housing market making it difficult for young persons in particular to afford to buy their own home, many people rent these days and so take out content insurance policies. However, if you own your own home, it is always best to have a house insurance policy in place for the actual building and such, in case anything should happen.

 

This will protect you from having to afford huge costs as you will be covered for your home with your buildings cover.

 

Unfortunately the recent flooding in the UK has destroyed many hundreds of homes, and for natural incidents such as flooding, huge bills can mount up in order to pay for any house repairs needed. This is when paying building insurance premiums reflects a benefit.

 

What does having Building Insurance mean to me?

 

•    Building insurance policies can safeguard you against having to fork out for your house if there was a flood

 

•    If there was a fire in your house you will be covered for costs

 

•    Buildings insurance can cover walls and windows, as well as your roof and the actual structure of your home.

 

•    Any internal fittings, such as a kitchen or an en suite, will also be covered in your house insurance policy with buildings cover

 

•    If you are a landlord you know that you have sufficient cover while your tenant resides at your property, although read your policy and check that it suits your needs

 

•    You can also invalidate a building cover policy if the said property is unoccupied for 30 days.