Home Buildings Insurance
The value of any type of home in the UK is at an all time high so protecting your property by having a buildings insurance policy is a must. Although most owners do insure their property, they often fail to upgrade the sum insured in line with rising cost, so in the event of having to make a claim, the sum paid by the insurer falls short of the actual cost of repair or rebuild.
Although all building policies will differ in certain ways, generally buildings insurance will cover the structure of the house together with all the permanent fixtures such as bathroom suites, fitted kitchen and bedroom units and the interior decoration. Most policies will also provide cover for other structures attached to, or in the grounds of, the main property. This will include garages and other outbuildings, but generally not walls, fences or gates.
A buildings insurance policy will normally provide cover against damage caused among other things, by: Fire, Lightning, Storms, Flood, Vandalism, Falling trees, Leaking oil or water from pipes or storage tanks, Theft and Vehicle collisions.
A good policy will provide cover for the cost of alternative accommodation for you and your family should your home be destroyed or rendered uninhabitable. You may also receive personal liability cover that will protect you in the event of an action against you for third party injury or damage caused to another person's property. You may wish to choose a policy that offers emergency call out cover. This will allow you to claim for the call out fee of a tradesman to repair burst pipes or a broken window - in fact many insurance companies provide a helpdesk telephone number that will make all the arrangements for you.
When insuring your home, you will be asked to decide on what 'excess' you are willing to pay. This is the sum of money that you will be required to contribute to the cost of a claim. Do make absolutely sure that you have included everything within the sum insured. This sum is the total value of your buildings and fixtures and is the maximum that the insurer will pay you in the event that your home is completely destroyed and has to be rebuilt. It is very easy to become under insured, so this part of obtaining a buildings insurance policy requires careful calculation. Many insurance companies provide a Calculator on line that will help you to do this, but don't forget to include the potential cost of site clearance and the surveyor and architect's fees. Many insurance companies offer an 'index linked' buildings policy that automatically keeps your sum insured in line with inflation.
If your property is anything other than a traditionally built house - for instance a flat in a shared block or a listed building, you may be wise to take your business to an insurer who specialises in this type of property.