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If you are a home-owner – either residential or a landlord – it is usually a condition of your mortgage that you have adequate Buildings Insurance.
Buildings Insurance is designed to protect fixtures, fittings, and the structure of the property. It will cover repairs to important areas of the home such as kitchens, bathrooms, walls, ceilings and roofs, and it is also possible to include external structures on your property such as garages or conservatories.
Do I need it?
If you own a home – including Buy to Let properties – the answer is yes. Without Buildings Insurance you are putting both your mortgage and property at risk.
What does it cover?
Buildings Insurance is designed to cover the cost of repairs or damage to your home. Although policies vary and depend upon the provider, you will normally be protected against damage caused by events such as:
- Fire, lightning, explosions, earthquakes
- Floods, storms, water and oil damage
- Falling trees and moving objects (e.g. cars)
- Theft, attempted theft
Many policies also include alternative accommodation, in the event that damage renders your home uninhabitable.
What won’t it cover?
Damage caused by general wear and tear will not be covered, and it is unlikely that leaking gutters, pests and frosts will receive a pay-out. Some policies may incur additional exclusions if your property is left vacant for a particular length of time. As each policy varies, as your adviser I will be happy to go through details with you to determine which cover is right for you.