What is it?

Buildings insurance provides cover for the structure of your home and any out-buildings, for example your walls, windows, roof, garage or annex against unforeseen events and for insured perils typically, but not limited to, fire, flood, theft, impact. Not only does this protect the physical buildings but also any permanent fixtures and fittings, such as baths, toilets and fitted kitchens. Contents insurance covers the possessions in your home such as your furniture, electronic equipment and personal belongings.

Most general insurance policies go a lot further to cover, again typically, but not limited to, accidental damage, your belongings whilst away from the home, freezer contents, legal expenses and even the cost of alternative accommodation if you cannot remain in your home after an insured event, such as a flood.

Why choose it?

It’s important to make sure that you have the right protection in place in case something goes wrong. We pay to repair and maintain our homes but what if there was a fire or a storm caused damage to the roof? Would you be able to pay the considerable cost for the repairs, and where would you live in the meantime? Your home also contains some of your most valuable possessions. We replace or upgrade things all the time but could you replace everything at once if perhaps, for example, you were flooded or if you were the target of burglars?

When you buy a house with a mortgage a priority should be to ensure the building is covered, in fact this is usually a requirement set by the lender. Remember that you should have buildings cover in place when you exchange contracts as this is when you have financial interest and have become legally liable for the property, even though you haven’t moved in.

If you’re a landlord, it’s your responsibility to insure your property – not your tenants’. It’s not compulsory but if you own your own home this sort of insurance should be a top priority to protect what is to most, the largest asset we own.