Buildings insurance covers your home from damage by flood, fire, subsidence, storm or vandalism, protecting the structure of the building (the walls, roof, floors and extensions) and its fixtures (built-in wardrobes, bathroom suites and fitted kitchens). Your insurer will also repair damage caused by leaky pipes or faulty electronics, as well as criminal or accidental damage. If necessary, they’ll even foot the bill to rebuild it completely. If you want your possessions protected too, however, you’ll need to take out contents insurance as well.
Your mortgage lender will require you to have buildings insurance because as soon as you exchange contracts on a property, you’re legally responsible for the building. If you own your home outright, buildings insurance protects your investment.
What does buildings insurance cover ?
- Fire, flood, and storm damage
- Subsidence or heave
- Burst or frozen pipes
- Gardens, swimming pools, ponds and patios
- Accidental damage
- Alternative accommodation while repairs are made