Buildings insurance is an essential part of
owning a property in the UK. In this article we'll take a look at some
of the most important things you need to know about this type of
insurance. The most important thing to remember about buildings
insurance is to not confuse it with
contents insurance. While this
insurance covers the actual structural components of your home, contents
insurance covers your possessions. If you are having trouble
differentiating the two, then use the following guideline contents
insurance would cover everything you would be able to move with you when
moving to a new home. Everything else is usually covered by
buildings insurance. This kind of policy is essential to protect your home's main
structure, especially in the case of a fire or extreme weather. In case
of rebuilding or repair for your structures and fixtures, this kind of
policy can be very useful.
When purchasing your insurance, it is
usually a good idea to make sure that your policy will also cover
outbuildings and surrounding structures, including gates, walls, and
pools. These are often damaged due to vandalism or extreme weather, so
you should get a policy that covers them too. You should also inquire
whether your policy will pay for alternative accommodation while your
home is being repaired or rebuilt.
So, is buildings insurance for
everyone? It is, but there are some special cases where you will want to
make sure that your home's rebuild cost is well specified. These
include historical homes, usually those built before the 19th century,
non-standard building materials, or if you are getting insurance for a
flat. It is also important to understand what is not covered by your
buildings insurance. While most of these kinds of policies are fairly
inclusive, accidental damages will often be listed as a separate option
which you will have to purchase. Your insurance provider is obligated to
provide you with details on all exclusions and, most importantly, what
kind of cover limits there are for your buildings insurance policy.
The
buildings insurance market in the UK is quite competitive, so it is
actually not difficult to find a good deal if you are willing to look
carefully. In fact, many providers offer significant discounts for
online shoppers and preferred customers. Because of that, it usually
pays to shop around until you FIND A POLICY that is best for you and for
your needs.