Buildings Contents Insurance Cover
Commercial Buildings Contents Insurance will cover you if your propery or any of it’s contents are damaged. Highly recommended if your property is mortgaged. If you do not have a mortgage it is still recommended that you have buildings and contents cover. Some mortgage lenders make it compulsory to have buildings and contents cover whilst you paying off your mortgage. You will find that you can have either buildings or contents cover but most insurers will offer both covers together.
Buildings insurance covers you if your house is damaged to the point that it’s needs to be rebuilt. You will be covered for the rebuilding costs if whatever caused the damaged was not in your control. For example, a fire, explosion, burst pipes, vandalism by a third party. Mortgage lenders will want you to take out this cover when you take out a mortgage from them as a form of security in relation to the money which they have loaned you.
Contents insurance covers all of the items in your house and will replace these items as long as the event which meant they became damaged was not in your control. Contents insurance does not cover you for items fixed to your property, so things like furniture, electronic items and clothing will be covered but things fixed to your property like awnings or satellite dishes will not. Indemnity insurance is the cheaper option when compared to the “new for old” option you may be offered by your insurer.
Indemnity insurance covers you if your contents are damaged or stolen and will replace the contents which were damaged ‘like for like’. For example, if your four year old TV is damaged and you claim for it on your contents insurance, you will be given a TV which is four years old also, as a replacement. The ‘new for old’ option which may be offered to you by insurers, which is typically more expensive than indemnity insurance, will replace your damaged or stolen contents with brand new contents. For example if your four year old TV was stolen in this instance, you would be given a brand new TV as a replacement.
Finding buildings and contents insurance that will adequately cover you can be complicated.
We, at Trident Insurance will make it easier for you and find you the best Building and Contents Insurance quote so you don’t need to worry.