A Buildings Insurance policy should cover the cost of repairing or rebuilding your home if it’s damaged. It should cover you for events such as storms and floods, fire, vandalism, subsidence and water damage. Buildings and contents insurance it is considered home insurance. It is available combined or you can have individual products depending on your circumstances.
Mortgage lenders will require Buildings Insurance to be in place on the mortgaged property you own or let. Not having a policy in place (that is acceptable by the lender) could put your mortgage and your new purchase at risk.
Lenders insist all mortgaged properties to have buildings cover in place as security for the loan they have provided. This enables them to recover their losses against unforeseeable events. This insurance protects your home from being damaged from events such as flood damage, fire or smoke damage, burst or leaking pipes, subsidence or third party damage or vandalism. Most structural fixtures within your home will also be covered such as walls, ceilings and the roof, gates, fences, hedges and footpaths that all lie within the boundaries of your property, kitchen, any fitted wardrobe, decoration within your property and any cable or pipes
This covers all items in your house which are not fixed to the property, such as furniture, jewellery, appliances and clothing. Contents insurance will cover your individual items in most of the same accidental situations as buildings insurance, but also includes theft of items from within your home such as money, stolen credit cards, office equipment kept at home and lock replacement if damaged. Any of these perils must have been beyond your control.
Optional extras that you can add to your cover – In addition to the basic cover above, you have optional extras including