What is Buildings Insurance?

If you have a mortgage on your home, your lender will insist that your property (and their security) is protected by buildings insurance. It usually pays out if your property is destroyed by fire, floods or subsidence (although you will need to check if you live on a flood plain, for example). Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, greenhouses and garages.

You might be offered Buildings Insurance when you take out your mortgage, but you don’t have to take the policy from your lender. You should let us shop around to find you a quality product at a competitive price.

Whichever means you choose, remember you must have Buildings Insurance in place when you exchange contracts on a property.

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    Things to Remember

    • Buildings insurance is a legal requirement for all homeowners. Your policy must start ahead of exchanging contracts.
    • Your buildings insurance policy is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance using the handy tool on the Building Cost Information Service (BCIS) website.
    • You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory.
    • Your belongings are not covered – these need to be covered separately with contents insurance.
    • If you let your property you will need specialist landlord’s insurance.

    Keeping Costs Down

    Some homeowners find that they get a better deal by purchasing Buildings Insurance and Contents Insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £100 or £150. If you agree to pay a higher excess you might get a cheaper policy.

    Always compare what’s covered by a policy, not just the price – the key policy information or a good adviser will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

    Benefits of Buildings Insurance

    • Accidental Damage Cover

    Includes cover for accidental breakage of fixed glass, fixed sanitary fittings, ceramic glass in cooker hobs of built-in units, fixed solar panels, cables, underground pipes or tanks serving your property.

    • Buildings Cover

    Cover for the home and fixtures and fittings, garden walls, hedges, paths, drives and patios, car ports, permanent swimming pools built of brick, stone or concrete and any outbuildings.

    • No Claims Discount (NCD)

    Maximum discount offered: 1 year – 5 years. NCD can also be protected on some policies.

    • Legal Liability – Up to: £2,000,000
    • Metered Water – Up to: £1,500
    • Costs for alternative accommodation – up to 20% of the sum insured.

    Whatever your circumstances, we’ll help you find the right Buildings Insurance policy to suit your budget.

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