Building Insurance

Protect against Fire, Vandalism, Flooding and Subsidence

Buildings insurance cover provides protection against damage to the structure of a new or established home caused by such things as fire, vandalism, flooding or subsidence. Buildings cover also normally includes permanent fixtures and fittings such as bathrooms and kitchens.

The general rule of thumb is items that someone could not take with them if they moved are covered by buildings insurance - fixed items. Additionally, outbuildings such as garages, sheds as well as underground pipes and cables are normally covered.

In the event of serious damage that makes a residential property uninhabitable many policies will cover the costs of alternative accommodation whilst repairs are carried out. Home emergency cover may also be included which will cover the cost of making the home safe following an emergency such as a flood.

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Accidental Damage

Most policies provide standard cover but there is also an accidental damage option which can be included for an additional premium.

Accidental damage cover for buildings would cover such things as damaging a water pipe when nailing something to a wall or putting a foot through the ceiling when in the loft.

Calculation of Premiums

It is important to be insured for the rebuilding cost of a property, not the market value. Many people insure their property for its full market value so are over-insuring and can therefore be overpaying.

Premiums are calculated differently by different insurers. Some will insure on rebuilding cost with inflation protection, others provide cover up to a specified limit based on type of property, year of construction, number of bedrooms and postcode.

In recent years there has been a well publicised increase in claims as a result of flooding. If you are in an area which has a high risk of flooding you can expect to pay a higher premium. The Environment Agency web site environment-agency.gov.uk provides a postcode search to help establish the flood risk in a particular area.

Most UK insurance companies will offer discounts where there have not been any claims on a policy for a period of time, the longer the time period since a claim the greater the discount. This is called a no claims discount or no claims bonus.

An individual is not required to take out home insurance with their mortgage lender, although it can sometimes be required to secure a special deal. Some lenders will charge a fee if insurance is taken out elsewhere.

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Exclusions

Standard policies require properties to be a flat, a detached, semi detached or terraced house or bungalow made of brick, timber frame, concrete or stone with a slate, tile or concrete roof.

Most policies will not pay out:

• The first £50 or £100 of a claim - this is known as the policy excess.
• Claims which are as result of the property being left empty for an extended period.

Homeowners

All homeowners should have buildings insurance. A condition normally imposed by mortgage lenders will be that buildings insurance is compulsory.

Tenants

It is not normally necessary for tenants to take out buildings insurance as this will be the responsibility of the landlord.

Quality of Cover

Cover provided from one provider to the next varies widely so it is important to check the key fact and terms and conditions with each insurer so that a decision can be made on quality of cover as well as price.

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