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Buildings Insurance

Buildings Insurance

What is buildings insurance

Buildings insurance covers the cost of damage to the structure of your property. This includes the roof, walls, ceilings, floors, doors and windows. Outdoor structures such as garages and fences are also included.

Buildings insurance covers permanent fixtures and fittings, interior decoration and underground tanks, pipes, cables, and drains for which you are responsible from your home to the mains supply.

Choosing buildings insurance

The price of an insurance policy is called a 'premium'. Before you take out your buildings insurance policy, ask for quotes from several insurers to help you to get the best deal for your circumstances. You will need to compare:

  • what each policy covers, and any exclusions (risks which are specifically excluded, for example, damage caused by frost or sonic booms)
  • the amount of any excess. This is the first amount of any claim, for example the first £50, that you will have to pay yourself. Some policies allow you to pay a higher excess in return for a cheaper premium
  • any discounts offered
  • the no claims bonus which increases for every year that no claims are made on your policy, up to a maximum amount. Most insurers will let you transfer the discount, if you want to change your insurer. You will also need to compare the amount by which your no claims bonus would be reduced if you made a claim.

Things to remember

  • when you buy insurance, you must give your insurer, or the person who sells you the insurance, as much information as you possibly can about anything which might affect their decision to insure you and how much to charge.
  • It is your responsibility to inform your insurer of any change in your circumstances, for example, if you carry out any home improvements to your property. You should do this as soon as possible, and not wait until it is time to renew your insurance policy.

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2 comments:

Betty said...

Is building insurance and property insurance same kind of policy ? From the details about building insurance policy that you have shared I do find this policy same as property insurance. Sometimes when searching for information about insurance schemes I got confused as people use different names for a particular kind of insurance policy. Anyways thanks for explaining this insurance policy.
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