When insuring your home, you normally need two policies: one for the building itself and another for its contents.
If you have a mortgage, your lender will insist you take out buildings insurance.
Buildings insurance covers the structure of your home (walls, windows, roof etc) as well as permanent fixtures and fittings, such as baths, toilets and fitted kitchens.
It generally covers damage due to fire, lightning, explosion or earthquake, theft or attempted theft, riots or vandalism, storms or flooding, subsidence, falling trees, moving objects (such as a car hitting your home) and escaping or leaking water or oil.
Buildings insurance may also cover:
- Your legal liability as owner of the property, such as liability for damage caused to someone else's property
- Damage to underground cables that supply gas or electricity, or pipes that supply oil, water, or sewage
The amount of cover you need is the cost of rebuilding your home, which should include the cost of demolition (if needed), clearing the site, and architects' and builders' fees. The rebuilding cost is not the same as the market value of your home. If you have recently applied for a mortgage the rebuild cost will be covered in the valuation carried out on the property. Other policies may provide a standard level of cover i.e. upto £1million.
We are independent and can provide you with a range of options.
Speak to our expert protection advisers today on 01244 904 410