As important as our worldly possessions are, nothing can be more important to us that the house we live in. If that burns down or is damaged beyond repair we’d have nowhere to stay and would be in a lot of trouble. Buildings insurance helps you protect against this and makes sure that you’re covered if your house suffers from fire damage, explosions, flood and storm damage, subsidence, burst pipes and water damage and vandalism. The policy can also sometimes offer to help set you up in temporary accommodation whilst your house is being repaired .
Mortgage providers insist that you get buildings insurance so that they still have security on their loan- after all, your home is the collateral against your mortgage loan- so it has never been more important to get buildings insurance.
As well as covering the building, buildings insurance also covers permanent fixtures in your house. This means items that you would not be able to take with you if you had to leave, for example, fitted kitchen and cabinets, baths toilets and interior decoration. Some policies even cover your shed, garage and greenhouse, though few will insure swimming pools, drives and fencing etc… though, it’s always worth checking your policy, because you never know. If you are lucky enough to have a pool, however, a lot of things relating to that will be covered in the guarantee when you bought it.
If you’re a landlord, buildings insurance is very important as it is someone else living in the house and you can’t guarantee exactly what might happen, and if you’re a tenant you should make sure your land lord has this insurance.
Whilst there are a lot of cheap offers out there for buildings insurance, it has to be remembered that cheap doesn’t always mean good quality, and it’s worth paying that little bit extra to make sure your home is safe.