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For most of us, Buildings Insurance is compulsory! Why? Because it is a condition of your mortgage. All mortgage providers insist on buildings insurance being in place covering the mortgaged property for the required amount, and why wouldn’t they after all there is a good chance that if you have recently taken out a new mortgage or remortgaged that they potentially own the majority of your home at least until you have repaid the mortgage. It is often easier to establish the amount of cover required as it would usually be in the survey report under the section ‘Reinstatement value’ or ‘re-build cost’ You will find this is often lower than the overall value of the property as it covers to total rebuild cost in the event of it being totally destroyed. However in some instances it can be actually higher than the value, for example if you lived in a mid-town house or terraced property. The reasoning here is that there could be a significant claim from the adjoining properties, hence the reasoning for the cover to be greater. As with contents cover, you can bolt on additional benefits such as accidental damage and personal liability, loss of water through damaged pipes, loss of heating oil etc. It is best to speak with one of our specialist home insurance representative’s to make absolutely certain that all your requirements are met, leaving you with peace of mind that all the correct boxes are ticked. And it is worth remembering the old adage “Cheapest is not necessarily the best” It is always advisable that you check the policy terms and conditions of cover and the key facts document. These will always disclose the levels of cover as well as what is and what is not covered within your policy. If you would like more information you can either fill out our detailed enquiry form or our quick enquiry form, it's up to you, either way a qualified advisor will call you back.
these are a sample of some of the companies available
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