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What is Buildings Insurance?

Buildings insurance aims to cover damage of loss to the actual structure and fittings of your home. Contents cover will cover the loss of your possessions, in particular those that can be removed and taken from home to home, but it will not cover the higher value of your property and those fittings that cannot be removed. The separate cover that you need to for this is called buildings cover.

You are not qualified to work out the rebuilding cost yourself, but you should find that most insurance companies can help you to do this. They may have a conversion table which should enable you to estimate the rebuilding costs, thus giving you an indication of the level of insurance required. However, should you be living in a listed building or any other type of very valuable property, you should obtain a professional valuation first. The cover offered by the policy will need to keep up with inflation, so you will find that most insurance companies will index-link their cover, so that it will grow every year. You should still review your policy every few years, as the cover may not be adequate for your needs, especially give the rising house and land prices.

Your buildings cover essentially allows you to claim the cost of repairs or the complete rebuilding of the property should it be destroyed or rendered uninhabitable. You should be provided with alternative accommodation during this time. You can also make claims for damage caused by less destructive events, like floods or even just broken windows. Many people ask if they need to have buildings insurance. Well, firstly it is very likely that your mortgage provider will make it a requirement that you have it before they lend you any money. Secondly, you should think about the fact that your house is likely to be your most expensive purchase, so how would you feel if it was badly damaged and you couldn’t afford to repair it. However, your mortgage lender cannot actually force you to take out buildings insurance with them, although they may try to. There is no guarantee that they will offer the cheapest rates, so you should search the market.

What does Home Contents Insurance Cover?

Home contents insurance in the UK is designed to cover almost everything that you own, and would take with you if you were to move. So, this could include furniture, along with furnishings, kitchen equipment, other household goods, televisions, computer and audio equipments, video, clothing, personal items, even frozen food and drinks. Finally, they can insure valuable up to stated limits. Most contents policies will cover loss or damage to your possessions whilst they are in your home. The loss and damage could be caused by risks such as theft, fire and flooding. Other risks could be the escape of water from tanks and pipes, leaking oil from heating systems, storms, subsidence, heave or landslip as well as occurrences that are more rare. These rare occurrences could be falling trees or aerials, explosions, earthquakes, even an impact by an aircraft.

Not only that, many policies provide liability insurance. So, should someone visited your home and were to trip over something you own and injure themselves, they could make a claim against you. These claims can be for a considerable amount. You should also look at accidental damage caused by yourself. Does it cover accidental damage to mirrors and glass tops? Does it cover accidental damage to your audio and visual equipment, such as videos, TVs and computers? One of the natures of insurance is that you can often extend a policy in order to cover accidental damage to any item you have. Bear in mind though, that this will likely only apply in the home, and should you remove items from your home, your cover could be limited or even non-existent.

For some items, such as musical instruments, you could get better cover from a specialist insurer, who may not only insure the item for a cheaper amount, but also you may find their cover more appropriate. An example of this would be for a guitar, which you will find can only be insured in your home with a general insurer. With a specialist insurer, they understand that the guitar could be in a car or even in a concert venue, and insure you appropriately. Your insurance policy could cover a specified replacement value of everything in your home, calculated by you, or an amount of cover based on the number of bedrooms in your home.

so, how do I get a quote?

Simply click here, fill out the easy to navigate questionnaire, and follow the easy instructions for your free quotation. If you have any further questions or would just prefer to talk to an advisor, call us on 01424-433500 for helpful service.

Part of Hastings Insurance Centre Limited