Home Buildings Insurance UK… Protects Your Largest Asset in Life.

Home Buildings Insurance UK Policies are designed to cover the existing property structure, including permanent fixtures and fittings in your home and interior decorations. This insurance usually covers outbuildings such as garages, garden sheds and greenhouses.

Therefore protecting what is likely to be your largest and most expensive asset in life, covering you against the risk of partial/total loss or damage to your property. 

You are not required by law to have home buildings insurance in the UK, however many mortgage lenders demand that you have buildings insurance as part of the loan contract.

Generally speaking, most home buildings insurance UK policies will cover damage to your home by: –

• Storm and flood.
• Fire, lightning earthquake or explosion.
• Subsidence, heave or landslide.
• Falling trees or branches.
• Theft or attempted theft.
• Escape of water from tanks or pipes.
• Escape of oil from heating systems.
• Breakage or collapse of television radio signal or satellite equipment.
• Riot, civil disturbance or strikes.
• Impact by aircraft or other aerial apparatus or by any vehicle or animal.

However do refer to your policy for the detail of your cover.

Exclusions – are things that are not covered at all by your policy.There are ‘exclusions’ to every policy so always read the document carefully, as your policy is a legal contract and it is important that you fully understand it, if not ask your insurer to explain.Claims for compensation arising from war risks, sonic bangs and radioactive contamination are typical exclusions to all policies.

Excesses An ‘excess’ is variable amount of money you may have to pay towards the cost of a claim. Your policy will identify the types of claim to which they may apply. Most home buildings insurance policies include an excess, usually a fixed amount, say £1000, which applies to damage caused by subsidence, heave or landslide.

Extensions Of Cover – You can usually include valuable ‘extensions’ to buildings policies for an extra charge: –

• Alternative Accommodation – Your policy can help to meet the cost of emergency accommodation up to a stated limit, if your home is so badly damaged that you can’t occupy it until it is repaired.

• Emergency Repairs – Some policies cover the cost of temporary labour, so that if your property is damaged, you can take action immediately to prevent it getting worse. An emergency telephone service is provided by some insurance companies to help you find tradesmen to carry out emergency repairs.

• Pipes and Cables – An option to cover your underground pipes and cables providing gas, electricity, oil or water, as well as drain pipes, against accidental damage.

• Glass – This option covers glass in doors, windows and skylights against breakage and includes washbasins baths and WCs.

The Sum Insured – This is the maximum amount the insurance company can pay you in the event of a claim.

When giving consideration to your home buildings insurance UK cover, please note that it is the homeowner’s responsibility to ensure that the sum insured satisfies the full re-building cost of the property, as being under-insured in the event of a claim can result in the amount being reduced or declined.

Calculation of Cover.Insurance companies are well experienced in assisting with the valuation for rebuilding your property and will be able to calculate the amount of cover required, derived from several facts, such as the size of the property, its location, market value etc. including interior decorations.

You should amend your property sum insured as required, to allow for the increase in value due to annual inflation, or even better, index- link it to increase automatically.

A comprehensive house buildings insurance UK policy, can provide you with real peace of mind, knowing that your insurance company will cover the cost of any damage, or if needs be, the complete rebuilding of your property.

The articles on this site are for information purposes only. None of the content of Home Security Action should be construed as advice under the Financial Services Act 1986.