What Does Buildings Insurance Exclude?
It is important to know what your cover does not include. These are shown as exclusions on your policy documents. Typical exclusions include:
- Wear and tear caused by time
- Poor workmanship or DIY
- Homes left empty over the holiday period allowable
- Excessive repair costs over and above the agreed values in your policy
- Appliance breakages
- Vandalism by a resident of the property
These exclusions are specific to the policy provider, and if you need assistance finding a provider who does include cover that you feel may be important, give us a call and we will help you find the right policy to ensure you are always fully covered!
How Do I Claim On Buildings Insurance?
Most buildings insurance policies are paid for via a monthly premium. You can also choose to pay the premium for the year in one lump sum, which is often slightly cheaper in the long-term.
If your home becomes damaged or destroyed, you will need to claim against your insurance. They will then either pay you a lump sum pay out for you to have the repairs carries out or will appoint a contractor to carry out the work, being paid by them directly.
Is Buildings Insurance Mandatory?
If you have a mortgage, buildings insurance will be required, as it protects the home against which your mortgage provider is lending.
Should you live in a flat, then the freeholder will usually manage the buildings insurance. If you own a proportion of the freehold, then you must all make sure that the building is adequately insured, and split the costs accordingly.
If you rent your home, then usually the landlord will provide the buildings insurance. However, remember that this excludes your possessions and furniture, so you may wish to consider taking out contents insurance.
What Is The Best Way To Purchase Buildings Insurance?
Buildings insurance can be purchased in any number of ways, through insurance providers, banks and comparison websites.
We always recommend using a broker to find the best insurance for you. This is because we are an independent mortgage brokers, and can identify the best policies for your requirements and budget from an unlimited number of providers without being tied down to any specific company or brand.
What Should I Pay For Buildings Insurance?
The cost of buildings insurance can vary significantly depending on the age, size and location of your home.
When you apply for insurance, you will need to provide as much detail as possible, including information such as:
- The age of your property
- What your home is built from
- Whether you have any flat roofing areas
- If your area is a high-risk flood area
- Whether you live in a listed property or conservation area
- What sort of locks, alarms and security you have
- Whether your home has experienced subsidence in the past
- How many trees are near your home, and how large they are
There are many other questions an insurer may ask, so make sure to have as much information about your property available as possible, to speed up the insurance application process.
