What is Buildings Insurance?
It covers your buildings and all permanently fixed structures that are attached to your house and that form the immovable part of your home.
Standard buildings insurance policies provide cover for eventualities such as:
Standard policies should cover damage caused by:
- Lightning strikes
- Falling trees
Consider various factors:
The greater the insured value of your buildings and contents, the higher your premium will be.
The location of your home is a factor. Insurers may charge more for homes in areas where there is a high rate of burglary. Factors such as security also have an influence on buildings insurance.
There are various discounts you get:
- No Claims discount
- You may also get a discount if there is somebody over 50 living in the house
- You can get a discount if you are a non-smoker
- You may qualify for a discount if a resident is usually in the house during the day
- If your house has an alarm and security locks fitted you may qualify for a discount
- If you have another policy with the same company, you may qualify for a discount
Consider the excess:
Excess is the amount that you will have to pay yourself for any claim before your insurer pays the balance.
You can often get a discount on your premium if you agree to pay a higher excess amount.
This is when many insurance companies automatically increase the amount of your buildings cover when they renew your policy each year. It can help you avoid being under-insured as it increases the amount of your cover in line with inflation. You should make sure that you assess your policy thoroughly however to make sure that it covers you adequately.