The Importance of Buildings Insurance
If you own property (mortgage or mortgage free) it is vital that you take out Buildings Insurance. In fact if your property is mortgaged the lender will insist that buildings insurance is taken out as the property is secured against the loan. Should anything adverse happen to the property e.g. it is burnt down, the property can be rebuilt from the proceeds of the insurance claim. Even if your property is mortgage free and the same scenario occurs you will be similarly protected and will not have to fork out the cost of rebuilding the property from your own monies.
Buildings insurance is taken out to give peace of mind against an eventuality that you hope will never take place. Buildings insurance protection is afforded against structural damage to the roof, walls, floors, ceilings, windows and doors. Structural damage can be caused by fire, explosion, theft or attempted theft, lightning, flooding, storms, earthquakes, malicious damage or vandalism, subsidence, heave, falling trees, satellite dishes, freezing or bursting of any part of the plumbing system or impact by animals, vehicles or aircraft.
Damage can also occur to outdoor structures such as gates, fences and railings.
Note that not all policies cover all the aforementioned potential damage and each insurer will have their own exclusions. However should you require any specific cover which has not been included you may be able to obtain such cover by paying an additional premium.
If in the worst possible scenario, you are not able to reside in your property until it has been rendered safe for you to live in, do ensure that your buildings insurance policy covers you for alternative accommodation while the works are being carried out and for any associated architects’ or surveyor’s fees.
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