What Does the Buildings Insurance Cover in the UK?
If you have a mortgaged home, buildings insurance is mandatory though it is entirely voluntary to buy home contents insurance. Arranging for buildings insurance is the sole responsibility of the property owner and it can be somewhat difficult to find the best buildings insurance unless you speak to Personal Insurance Advisor from reputable UK company.
About Buildings Insurance
Typically, buildings insurance covers repairing damage or rebuilding of your property due to a variety of risks. This includes damage to permanent fittings and fixtures, bathrooms, built in cupboards, and more. Depending upon the policy and provider you choose, the insurance may also cover outbuildings, boundary wall,s gates, fences, drives, swimming pools, and paths, often for an extra premium.
When purchasing buildings insurance, you should insure for the full rebuilding amount instead of the market value. You may have the option to underinsure, but be aware that any claims will be reduced in proportion to your amount.
What is Covered by Buildings Insurance?
Common damages covered by buildings insurance include those due to fire, lightning, storm and flood, earthquake and explosion, subsidence, riot and vandalism, and heave and landslip. Buildings insurance also typically covers damage or destruction due to aircraft fallout or collision, theft, breaking or collapsing aerials, falling trees, impact by vehicles and animals, and internal water and oil leakage.
Depending upon the carrier and policy you choose, you may also be able to get liability coverage for damage to other individuals and their property with limits, for accidental damage to underground pipes and cables, and for replacement of window, skylight, and door glass. Some policies may also provide coverage for the cost of securing accommodations while your home is being repaired or rebuilt.
What is Not Covered by Buildings Insurance?
Some losses are only partially covered or are not covered at all under buildings insurance. For partial coverage, the policyholder must meet the excess, typically the first 100 of each claim. This helps insurance companies to keep premiums low and to prevent trivial insurance claims. Any damage due to heave, landslip, and subsidence typically involves an increased level of excess, usually around 1,000 per claim.
Finally, most buildings insurance excludes damage or loss related to frost damage, war, radioactive contamination, sonic bangs. Recently, acts of terrorism have also been added as an exclusion, but this coverage is available for an extra premium through some policies. In order to ensure that you are getting the ideal buildings insurance policy for your needs, it is vital that you speak with a Personal Insurance Advisor from a reputable UK company.Labels: buildings insurance