Buildings Insurance

Buildings insurance is the most important insurance you could have on your home. It covers loss and/or damage to the physical structure of your home, rather than to its contents. Those would be separately covered by contents insurance.

Many people make the mistake of taking out too much buildings insurance by getting an amount of cover equal to the cost of purchasing their property. This means the policy will be more expensive than it needs to be. The value placed on your building insurance should be less than the value of your home. The important value is the rebuild cost rather than the purchase price.

A simple way to think of the items covered by buildings insurance is to think of everything you couldn’t easily take out of your home if you cleared it out. You couldn’t easily remove doors and windows, so those are covered by your building insurance. The same goes for bathroom fixtures and fittings such as baths, the sink, and the taps. Kitchen cabinets are covered too, but carpets throughout your home generally are not covered. However, do read the terms of any policy you are thinking of getting, just to make sure you understand what is covered and what is not.

If you get insurance online, you will usually be guided through the application process by answering a series of questions about your property. Take your time to get down the answers as accurately as possible. This helps ensure you get the right amount of cover for the best possible price.