What is Buildings Insurance and Why is it Important?

What is Buildings Insurance and Why is it Important? - image


Most of us are well aware of the importance of home insurance. This type of policy will protect you against various situations such as theft, fires, floods or third-party liability cases. While there are many variants available on the market, one of the least-known options is known as buildings insurance. As you might not have heard of this plan in the past, it is a good idea to take a quick look at what it entails as well as why it might prove to be a massive benefit if you have been looking to obtain more robust levels of protection for your property. Let's now begin.


What is Buildings Insurance and What Does it Cover?

Buildings insurance can essentially be considered an addendum to your standard home insurance plan. The major difference is that this bundle will cover additional areas of the home such as the bathroom, the roof and any permanent fittings (such as taps and pipes) found within the kitchen. This is important, as such areas are often associated with some of the most expensive items. Any subsequent repairs or replacements might otherwise prove to be very costly.

There are also times when additional clauses are included within a standard buildings insurance plan. For example, you could be able to obtain coverage for attached structures such as conservatories, orangeries, decks and sheds. However, we should keep in mind that the contents found within these units might not always be included within the provided level of financial protection. While buildings insurance is not a legal requirement, the fact of the matter is that it can be difficult to obtain a mortgage if you do not possess this type of policy. Check with your lender in advance if you feel that this might represent an issue.


What Might not be Included?

As mentioned before, the contents within certain rooms might not be included. The same holds true for any high-end fittings or expensive basins. Intentional damage and simple wear and tear will not be included within the clauses of buildings insurance. There may be other specifics that will vary from firm to firm.


What Should You Ask a Firm?

The most important question involves how much financial protection you will be provided with. Assuming that this figure falls within your limits, take a look at the monthly premiums as well as the size of the down payment. You might be able to obtain a substantial rebate if you pay more once the policy is first activated. Ask if you will be supplied with a dedicated customer service representative who is familiar with your case or they only offer a generic contact form. Also, see if it is possible to include a buildings insurance clause within an existing policy as well as if their bundle is able to cover multiple properties (if applicable). The bottom line is that you always need to be prepared in advance if you hope to be provided with the most targeted financial solutions. So,it never hurts to ask questions.