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Ensuring you make the right decision for your property

Building insurance

If you have a mortgage, your lender will usually request that your property (and their security) is protected by buildings insurance. A buildings insurance policy will pay out in the event that your property is damaged by fire, floods or subsidence (although you’ll need to check whether you live on a flood plain). Damage to fixed fittings such as baths and kitchens are usually included too, as well as sheds, summerhouses, greenhouses and garages.

If you purchase a leasehold property (such as a flat in a block) the freeholder may have arranged buildings insurance for the whole block, so you may not need your own buildings policy in this situation. That said, for the most part, buildings insurance is a crucial component in guaranteeing your home is protected in the event of a disaster, but it’s essential to ensure you understand every feature of a policy before deciding whether it’s the right one for your home.

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What isn't covered?

Your cover is based on the costs involved in rebuilding your home. You can check whether you have sufficient buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt. You need to tell your insurer if you extend your property, for example with a loft conversion or a conservatory. Your belongings are not covered – these need to be covered separately with contents insurance – which you can learn more about here.

Keeping costs down

As always, do take the time to shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge, which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what's covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

Benefits of buildings insurance includes:

  • Accidental Damage Cover
  • Building Cover
  • No Claims Discount
  • Legal Liability
  • Metered Water
  • Loss of rent or costs for alternative accommodation

How can Charles Derby Mortgage Bureau support you in your search for the right policy?

Our experienced team provide clear advice to ensure you only pay for the cover you need, whilst ensuring you understand the commonly occurring jargon used in the insurance world – and insurance policy documents in particular. Our goal is to ensure you make the right decision for your property, taking your requirements and budget into account. If you’d like to speak to us about finding and securing the most suitable rate for your buildings insurance, please contact us today.

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